Coin Edition -
- A Manhattan judge ruled against Gemini and Genesis, favoring the Securities and Exchange Commission (SEC).
- The judge ruled that the SEC could proceed with the lawsuit against these firms.
- Though the firms filed to dismiss the lawsuit, the judge asserts that the SEC’s suit plausibly alleges the violation of securities laws.
In a recent court filing, a New York judge ruled against the crypto lender Genesis and crypto exchange Gemini, ruling that the SEC could move forward with their lawsuit against these firms. U.S. District Judge Edgardo Ramos denied both defendants’ motion to dismiss the regulator’s complaint claiming that the SEC’s suit “plausibly alleges” the firms’ violation of securities laws.
Fox Business reporter Eleanor Terrett took to X on March 14 to share insights on the court’s ruling in favor of the Securities and Exchange Commission (SEC). She wrote on X, “A Manhattan judge has ruled the SEC can move forward with its lawsuit against Gemini and Genesis for its crypto lending product.”