US District Judge Edgardo Ramos has denied the motions to dismiss the SEC's lawsuit against Gemini Trust Company, LLC, and Genesis Global Capital LLC over the Gemini Earn program, allowing the lawsuit to proceed. The SEC alleges that the companies illegally offered unregistered securities through their interest-paying product. The decision means the SEC can now conduct discovery into facts establishing that the Gemini Earn program violated securities laws under both the Howey and Reeves tests. This ruling marks a significant step in the legal battle over whether the lending practices fall under U.S. securities laws.