Genesis to Pay $21 Million Penalty Following SEC Charges for Unregistered Offerings
Genesis Global Capital's $21 Million Settlement with the SEC
Genesis Global Capital, LLC, has agreed to a final judgment with a $21 million civil penalty following SEC charges related to the unregistered securities offering through its crypto asset lending program, Gemini Earn.
SEC's Emphasis on Regulatory Standards
SEC Chair Gary Gensler highlighted the importance of compliance with securities laws for crypto lending platforms, stating it is essential to protect investors and promote market trust.
- The charges stemmed from Genesis and Gemini's roles in the Gemini Earn program, ultimately leading to investor loss and bankruptcy protection in January 2023.
Overall, this settlement is part of the SEC's efforts to enforce securities laws in the crypto market and ensure a stable and trustworthy investment environment.
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