Cryptocurrency exchange Gemini has filed a reply brief as part of its efforts to dismiss the lawsuit it is facing against the United States Securities and Exchange Commission (SEC).

The lawsuit alleges that Gemini Earn — a service enabling customers to lend crypto assets like Bitcoin (BTC) to Genesis — breached securities regulations by offering unregistered securities. 

According to Aug. 18 court documents filed in the U.S. District Court for the Southern District of New York, Gemini argued that the SEC has failed to make a clear claim.

“Section 5 of the securities act is not hard to understand,” the filing stated while arguing that the SEC has not clearly pointed out the requirements for claiming a violation of the act:

“The fact that the SEC cannot decide what is the security at issue only underscores the weakness of its position.”

It further argued that the court shouldn’t tackle the “convoluted analyses” presented by the SEC, and the agency should pose straightforward questions to determine whether it qualifies as a security.

It prompted questions including: When was the alleged security sold? Who was the buyer? Who was the seller? What price was offered or charged?

Extract from the Aug. 18 court filing. Source: JFB Legal

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Author: Ciaran Lyons

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