Gemini Challenges SEC’s ‘Inconsistent’ Claims

In a legal tussle at the intersection of cryptocurrency
and regulation, Gemini, the American cryptocurrency exchange, has taken a
formidable stance against the Securities and Exchange Commission (SEC). In a
move to dismiss the ongoing lawsuit, Gemini has filed a reply memorandum in the
US District Court for the Southern District of New York.

The SEC’s lawsuit
contends that Gemini Earn, a platform that lets users lend out their crypto
assets in exchange for interest payments, violated regulations by offering
unregistered securities. However, according to the court document filed on August
18, Gemini has alleged that the SEC is unable to clearly define the nature of the
alleged unregistered security.

Central to Gemini’s
defence is the notion that the SEC’s argument lacks consistency. The company
points out that the regulator has oscillated between labelling the Master
Digital Asset Loan Agreement (MDALA) and Gemini Earn program as the alleged
security.

Gemini’s responses
encapsulate its conviction that simplicity should guide the resolution of the
lawsuit. The crypto asset exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term suggests that instead of delving into
complex analyses, the court should pose straightforward questions.