In a landmark development in the Genesis and Gemini lawsuit brought by the U.S. Securities and Exchange Commission (SEC), Genesis Global Capital has decided to settle with the SEC and agreed to pay $21 million to settle the charges over Gemini Earn program.
Genesis Settles With US SEC
According to an official press release by the US SEC on March 19, Genesis Global Capital has agreed to pay a $21 million penalty and a permanent injunction that it sold unregistered securities. A New York federal judge on Monday approved a $21 million settlement to resolve the lawsuit against Genesis and Genesis Trust Co.
The SEC will receive the penalty after the bankruptcy court notifies the completion of all payments of claims, including claims by retail investors in the Gemini Earn program.
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,” said SEC Chair Gary Gen
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