The U.S. Securities and Exchange Commission has charged Genesis and Gemini over their now-defunct Gemini Earn program, according to a Jan. 12 announcement.
SEC chair Gary Gensler said:
We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors. Today’s charges build on previous actions to make clear … that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws.
The SEC said that the Earn program constituted both an unregistered offer and sale of securities. The regulator further alleged that Genesis and Gemini brought in billions of dollars worth of cryptocurrency from hundreds of thousands of users.
Genesis and Gemini entered an agreement in December 2020 that led to the launch of Gemini Earn in February 2021. The service allowed Gemini users, through a tri-party agreement, to lend assets to Genesis in exchange for interest on those deposits.
Genesis
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