The Winklevoss twins want the SEC lawsuit against Gemini Earn dismissed.
Gemini, the exchange run by twin brothers Tyler and Cameron Winklevoss, has filed a lawsuit against the SEC.
Winklevoss Twins Take to Court for Exchanges’ Case
The Winklevoss brothers have asked a US judge to dismiss the case in the SEC case involving Gemini Earn. The Gemini Earn program has asked it to dismiss a lawsuit filed with the Securities and Exchange Commission for allegedly illegally selling unregistered securities that promised high interest rates to hundreds of thousands of investors.
Gemini Trust Co’s request was filed in Manhattan federal court in response to a civil lawsuit the SEC filed on Jan. 12 against the exchange and cryptocurrency lender Genesis Global Capital LLC, a unit of Digital Currency Group.
The SEC had sued Gemini Earn for allowing customers to lend crypto assets such as Bitcoin to Genesis, and Gemini was charging an approximately high brokerage fee of up to 4.29 percent.
According to the regulator, the program allowed Gemini and Genesis to raise billions of dollars in crypto assets. However, Gemini filed for dismissal of the case.
