According to court filings from Friday, bankrupt crypto lender Genesis Global Capital and exchange platform Gemini have asked a U.S. court to dismiss a Securities and Exchange Commission complaint alleging the two issued unregistered securities. The SEC targeted Gemini’s yield-bearing product Earn in a lawsuit filed in January in a New York court, alleging the two organisations “raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors.” While under the Earn programme, “the borrower and lender could choose to engage in subsequent transactions,” Gemini stated in Friday’s filings that “it did not itself require any lending or borrowing by any party, and there was no way for a lender to transfer or assign it without the affirmative consent of all parties.” The SEC’s classification of the tri-party Master Digital Asset Loan Agreement (MDALA) contract between Genesis, Gemini, and Earn users as an unregistered securities, according to Gemini, “has no basis in law or fact.”