Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.
A New York judge ruled that the U.S. Securities and Exchange Commission’s complaint against Gemini and Genesis “plausibly alleges” that the two firms violated securities laws.Up to 340,000 Gemini Earn customers have had their crypto stuck in limbo since November 2022, when Genesis halted withdrawals due to liquidity issues.
A New York judge has ruled that the U.S. Securities and Exchange Commission case against crypto lender Genesis and crypto exchange Gemini will be allowed to move forward, denying the two defendants’ motions to dismiss in Judge Edgardo Ramos, of the Southern District of New York, found that the regulatory agency’s complaint “plausibly alleges” that the two firms violated securities laws – allegedly offering and selling unregistered securities to retail investors – through the now-defunct Gemini Earn program.
Gemini Earn was first available to retail customers in February 2021, offering as much as 8% interest on crypto tokens invested through the program. According to, Gemini Earn had approximately 340,000 retail users and $900 million in assets on its platform when, in November 2022, Genesis halted withdrawals, citing “withdrawal requests which have exceeded our current liquidity.
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