Genesis agrees to $21 million penalty, with bankruptcy claims to be paid first | Headlines | News | CoinMarketCap
03/19/2024 20:24
Genesis Global Capital agreed to pay a $21 million civil penalty as part of a settlement over charges it engaged in the unregistered offer and sale …
The Block5 minutes ago
Gemini
Foresight
Gemini
SEC
Block
Published on March 19, 2024 13:18 GMT+00:00edited on March 19, 2024 13:19 GMT+00:00
Genesis Global Capital agreed to pay a $21 million civil penalty as part of a settlement over charges it engaged in the unregistered offer and sale of securities through Gemini Earn.
A permanent injunction has been imposed, according to a press release from the United States Securities and Exchange Commission.
Payment to the SEC will only follow the payment of all allowed claims by the bankruptcy court. As noted by the agency, this includes retail investors from Gemini Earn.
“We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” SEC Chair Gary Gensler stated. “Today’s settlement builds on previous actions to make clear to the marketplace and the …