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Jinse Finance reported that Gemini’s attorney, Jack Baughman, claimed in a post on August 19 that the US SEC is working hard to prove its case against the exchange. Gemini’s crypto lending product, Gemini Earn, offered unregistered securities in violation of securities laws, according to the SEC’s lawsuit.


Baughman pointed out that the US SEC is in trouble. They can't even decide what is safe. The crux of Baughman's legal challenge to the SEC's lawsuit is that the SEC must establish two key elements: the existence of the securities and the sale of the securities.
According to Baughman, the SEC is falling short on both counts. Additionally, Baughman took issue with the SEC's definition of a sale in this context. He noted that the SEC has never successfully identified a sale. Instead, the SEC resorted to broad claims, saying Gemini and Genesis sold their promises to pay interest in exchange for crypto assets. Baughman dismissed that claim, stressing the difference between a sale and a loan. Not only is this untrue, but it's ridiculous, Baughman said. Selling and lending are two different things. At some point, words must have a certain meaning.
The day before Baughman’s article was published, Gemini filed a brief of responses seeking to dismiss the SEC’s charges against it.
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