In order to address the SEC's accusations, Genesis Global Capital will settle for a $21 million fine and a permanent injunction.
In order to address the SEC's accusations, Genesis Global Capital will settle for a $21 million fine and a permanent injunction.
According to a March 19 SEC filing, Genesis will ask for an injunction, claiming that it offered and sold securities without the required registration. The settlement, which was made public today, has to do with the business's involvement in the crypto-asset lending project Gemini Earn.
According to Gensler, the Gemini Earn program's demise brings to light the unknowable dangers that investors take when market participants break federal securities laws. Therefore, he believes that the investor protection disclosures mandated by federal securities laws cannot be replaced by hype or advertising.
Judge Edgardo Ramos of the United States Federal Court rejected a move in March to dismiss the SEC's action against the Gemini Earn program. He claims that unregistered securities were offered and sold by Gemini and Genesis. Furthermore, the judge noted that 340,000 users were enrolled in the program at the time the withdrawal of monies from Gemini Earn was halted. Genesis retained $900 million in customer cash on the platform at the time.
This occurs soon after Gemini and Genesis came to a basic understanding on February 28. Earn users can fully receive their funds if this agreement is approved by the bankruptcy court.
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