SEC v. Gemini

The SEC sues Gemini, alleging it sold unregistered securities through a joint investment program that rakes in billions of dollars’ worth of crypto assets. After the SEC survived Gemini’s motion to dismiss the Defendants settled with the SEC, agreeing to be held liable for a $21 million civil penalty.

The SEC survives motion in Section 5 allegations against Genesis, plausibly alleging that the Gemini Earn program was a security under both Howey and Reves.

1:23-cv-00287