Gemini files brief in lawsuit against SEC, requests to keep it simple

Cryptocurrency exchange Gemini has filed a reply brief as part of its effort 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 (

On May 27, Gemini argued in a court filing that transactions carried out within the Gemini Earn program were essentially loans, requesting that the SEC to dismiss the complaint. 

On Aug. 19, Jack Baugham, a founding partner of JFB Legal, which represents Gemini, made a statement on X (formerly Twitter), suggesting that the SEC is changing its argument as the lawsuit goes on.

“The SEC is floundering. They can’t even decide what the security is,” Baugham stated, noting the confusing nature of its argument:

“On the one hand, they claim that the Loan Agreement was a security. On the other hand, they claim that the entire Gemini Earn program was itself a security — an argument absurd on its face.”

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