Gemini

when

Gary

<a href="https://optimisus.com/market/market-news/genesis-seeks-court-nod-to-sell-1-4-billion-in-bitcoin-shares-amid-financial-woes/" rel="noopener noreferrer nofollow">Genesis Global </a>has agreed to pay $21 million in civil penalties for engaging in the unregistered offer and sale of securities through the Gemini Earn program.  
The US Securities and Exchange Commission (SEC) criticized Genesis for offering up a retail crypto lending product without registering it first, a move that was seen as a violation of the Securities Act of 1933.  
The SEC's Chair, Gary Gensler, emphasized the importance of following the law to protect investors and ensure trust in markets.  
The collapse of the Gemini Earn program serves as a cautionary tale for investors, as it highlights the unknown risks investors face when companies play fast and loose with the rules.  
Gurbir S. Grewal, the SEC's Division of Enforcement's boss, emphasized that no marketing spin or hype can replace the good old-fashioned investor protection disclosures required by the law.  
The real victims of the Gemini Earn program were Genesis and its partner, Gemini Trust Company, LLC, who were unable to satisfy withdrawal requests due to a lack of liquid assets.  
This resulted in $900 million in crypto assets being frozen, leaving 340,000 investors out of the cold. Genesis and two affiliates filed for Chapter 11 bankruptcy shortly after this debacle, further highlighting the volatile nature of the crypto market and the impact of one company's actions on countless individuals.  
The SEC's complaint charged Genesis and Gemini with violating sections of the Securities Act of 1933. Genesis did not admit guilt but agreed to the settlement, which includes the $21 million penalty and a permanent injunction to prevent them from repeating their missteps. 
The post <a href="https://optimisus.com/news/crypto-news/genesis-global-will-pay-a-21-million-in-civil-penalty-to-settle-us-sec-charges/" rel="noopener noreferrer nofollow">Genesis Global will pay a $21 million in civil penalty to settle US SEC charges</a> appeared first on <a href="https://optimisus.com" rel="noopener noreferrer nofollow">Optimisus</a>.

Genesis Global will pay a $21 million in civil penalty to settle US SEC charges

Optimisus

Other articles published on Mar 21, 2024

April Rudin, An Esteemed Marketing Expert and CEO, Appointed to First Rate’s Board of Advisors

BlockDAG Presale Hits $5.8m as Ethereum and Bitcoin SV Hits Market Turbulence

Paris Saint-Germain Fan Token (PSG) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Shiba Inu Price Prediction – Is $SHIB Set to Pump Again or Will This New ICO Outshine Its Success?

Bitcoin Price Forecast: Is 10X Profit Still Viable In 2024?

Altcoin Super Sushi Samurai (SSS) Plummets After Security Breach

Join our free newsletter for daily crypto updates!