June 14 (Cointime) - Cryptocurrency exchange Gemini and bankrupt cryptocurrency lender Genesis Global Capital have filed a petition to dismiss the SEC's lawsuit against their joint venture product, Gemini Earn. The SEC claims that the yield-bearing instruments offered by the firms are securities being sold without proper registration. Gemini and Genesis argue that the transactions were loans and not securities, and have asked the court to dismiss the complaint or overturn the SEC's requests for disgorgement and permanent injunction. Gemini has criticized the SEC case as "ill-conceived" and is working with other creditors to ensure the best outcome for Earn users.

Cameron Winklevoss, co-founder of Gemini, warns that the regulatory clampdown on crypto in the US led by Senator Elizabeth Warren and SEC Chair Gary Gensler will alienate a whole generation of would-be Democrats. Last week, the SEC sued two of the largest crypto exchanges, Binance and Coinbase.

Gemini, the cryptocurrency exchange owned by the Winklevoss twins, has had to lay off half of its workforce due to a drop in market prices and volumes. The company is facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) over the alleged sale of unregistered securities. Gemini's market share has decreased by 50% from a year ago, and the Winklevoss brothers have invested $100 million of their own money to cover some of the company's operating expenses. They are also considering opening a second headquarters in Dublin to explore new markets abroad. However, the future of Gemini remains uncertain, and a takeover by a larger player in the industry could be a solution, but the company's legal problems with the SEC could make it difficult. Gemini is hoping for a bullish market recovery to increase volumes and return to profitability.

Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has announced its plans to expand into the United Arab Emirates (UAE). The decision was influenced by the increasing interest in cryptocurrencies among UAE citizens and favorable conversations with regulators. Gemini plans to acquire a crypto service license to operate within a regulated framework. The UAE market offers potential for growth, with more than 35% of surveyed individuals in the UAE already owning cryptocurrencies and a willingness to use them for in-person purchases. Gemini's commitment to complying with regulations and operating transparently is expected to bring greater accessibility and opportunities for individuals in the UAE to engage with cryptocurrencies.

The billionaire founders of Gemini, Cameron and Tyler Winklevoss, are considering Abu Dhabi and Dubai as potential Middle East hubs for their crypto exchange.

Gemini, a cryptocurrency exchange founded by the Winklevoss twins, is facing challenges as it tries to stay relevant in the industry. The SEC is suing the exchange for allegedly selling unregistered securities, its market share has shrunk, and its banking partner wants to break up.

Genesis Global Capital and Gemini, both of whom are bankrupt crypto lenders, have requested a U.S. court to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) alleging that the two companies sold unregistered securities. The SEC's lawsuit, filed in January, targeted Gemini's yield-bearing product Earn, which the regulator claimed was an unregistered offering that raised billions of dollars' worth of crypto assets from hundreds of thousands of investors. Gemini has denied the allegations and stated that the SEC's treatment of the tri-party Master Digital Asset Loan Agreement (MDALA) contract between Genesis, Gemini, and Earn users as an unregistered security "has no basis in law or fact."

Gemini, a leading American-based crypto exchange, has filed a motion to dismiss the US Securities and Exchanges Commission (SEC) lawsuit, which centers on its Earn program. The SEC claimed that the program was an unregistered securities offering and further stated that it was investigating other securities violations. Gemini's response to SEC's action includes onboarding JFB Legal for its faceoff with the US regulator. The crypto exchange has moved to dismiss the lawsuit on two main bases: the MDALA is neither a security note nor an investment note, and even if the commission had reasonably claimed MDALA to be a security, it fails to prove that it was sold or offered to anyone.

Gemini, a New York-based crypto exchange founded by Cameron and Tyler Winklevoss, will establish its European headquarters in Ireland. The announcement was made by Cameron Winklevoss after meeting with Ireland Prime Minister Leo Varadkar to discuss the potential of crypto and the importance of sensible regulation. Gemini was the first firm registered by the Central Bank of Ireland as a "virtual asset service provider" and obtained its VASP license in July 2022. The move to Ireland highlights the country's competitive offering for the international financial services sector, according to Varadkar.

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has announced its plans to expand its operations in Europe, with Ireland as its key hub.