[Gemini requests to simplify the complaint and refute SEC prosecution]
Cryptocurrency exchange Gemini has filed a statement of defense in a bid to drop a lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC). The lawsuit claims that one of Gemini's services, "Gemini Earn," violated securities laws because it involved unregistered securities transactions.
Gemini stated in a court filing on August 18 that the SEC did not clearly identify the illegality, countering that "Article 5 of the Securities Act is not difficult to understand" and emphasizing the weakness of the SEC's position: "The SEC cannot determine the facts of the securities involved. "
The filing further contends that courts should ask clear questions to determine compliance with the definition of a security rather than deal with the SEC’s “convoluted analysis.” Gemini also noted that the SEC failed to complete necessary steps, such as identifying unregistered securities first and then identifying sales.
On May 27, Gemini claimed in a filing that the transactions in its “Gemini Earn” plan were loans in nature and asked the SEC to dismiss the complaint.
On August 19, Jack Baugham, a lawyer representing Gemini, issued a statement on social media , on the other hand, claims that the entire Gemini Earn program itself is a security, which is absurd in itself."
#鴉快訊
Cryptocurrency exchange Gemini has filed a statement of defense in a bid to drop a lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC). The lawsuit claims that one of Gemini's services, "Gemini Earn," violated securities laws because it involved unregistered securities transactions.
Gemini stated in a court filing on August 18 that the SEC did not clearly identify the illegality, countering that "Article 5 of the Securities Act is not difficult to understand" and emphasizing the weakness of the SEC's position: "The SEC cannot determine the facts of the securities involved. "
The filing further contends that courts should ask clear questions to determine compliance with the definition of a security rather than deal with the SEC’s “convoluted analysis.” Gemini also noted that the SEC failed to complete necessary steps, such as identifying unregistered securities first and then identifying sales.
On May 27, Gemini claimed in a filing that the transactions in its “Gemini Earn” plan were loans in nature and asked the SEC to dismiss the complaint.
On August 19, Jack Baugham, a lawyer representing Gemini, issued a statement on social media , on the other hand, claims that the entire Gemini Earn program itself is a security, which is absurd in itself."
#鴉快訊