Genesis agrees to pay $21M to settle SEC case
Genesis agreed to pay a $21 million civil penalty, to settle charges related to its Gemini Earn lending program.
Genesis Global Capital LLC has agreed to pay a $21 million civil penalty, as part of a final court judgment to settle charges related to its Gemini Earn lending program.
Genesis and Gemini were charged with an unregistered securities offering after launching the Gemini Earn crypto lending program for retail investors.
Gary Gensler, the chair of the Securities and Exchange Commission (SEC). Gensler wrote in a March 19 announcement:
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