KEY POINTS
- Judge Ramos said the SEC "plausibly alleged" the companies sold unregistered securities
- He said the regulator sufficiently alleged Gemini Earn investors expected profits from the firms' efforts
- Gemini recently reached a settlement to return at least $1.1 billion to Earn users
A U.S. judge has denied the motions filed by cryptocurrency custodian Gemini and crypto firm Genesis to dismiss a lawsuit lodged by the Securities and Exchange Commission (SEC), saying the regulator had "plausibly alleged" the two companies offered and sold unregistered securities.
