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Crypto exchange Gemini Trust Co. and bankrupt lender Genesis Global Capital on Friday filed to dismiss a lawsuit by the Securities and Exchange Commission that alleges that their Earn product amounted to an offering of unregistered securities.
The companies’ filings claimed that Earn, which allowed users to lend out coins to earn a yield, wasn’t a security. Genesis argued that the transactions were in effect loans and asked the court to dismiss the complaint, or “in the alternative, strike the SEC’s requests for a permanent injunction and disgorgement.”
