Genesis Global Capital LLC has agreed to pay a $21 million civil penalty to settle charges with the U.S. Securities and Exchange Commission (SEC) over its unregistered crypto lending program, specifically the Gemini Earn program. This settlement, which includes a permanent injunction and follows a federal judge's approval, addresses the SEC's allegations that Genesis engaged in the illegal offer and sale of securities without proper registration. The case, which came to light after Genesis' November 2022 suspension of withdrawals affecting 340,000 customers and $900M in assets, highlights the regulatory scrutiny over crypto asset lending programs. The penalty payment is conditioned on the bankruptcy claims of Genesis being addressed first, ensuring that the settlement does not precede creditor repayments.
Bankrupt Crypto LenderGenesis Agrees to Pay $21 Million to Settle SEC Charges https://t.co/IgIfMCTmhY
🏛 Genesis has agreed to a $21M settlement with the Securities and Exchange Commission. ✍️ by @rkansawyer 📃 from @SECGov 🗞 Read more: https://t.co/LSyobC0neE https://t.co/OllqsRgTBU
.@GenesisTrading has reached a settlement with the @SECGov, agreeing to pay a $21 million civil penalty. https://t.co/jxMUJMpbKy
Genesis Global Capital agreed to pay a $21 million civil fine to settle SEC charges. The deal resolves January 2023 charges the SEC filed against Genesis and Gemini Trust Company over their joint crypto lending program https://t.co/k6xqH8VkQH https://t.co/3HP6F2g2dm
Genesis has settled the SEC charges against it with a $21 million fine and a permanent injunction. But the SEC won't get its money until the bankrupt crypto lender has repaid its creditors. Read more: https://t.co/ligt8zB4Jh
Bankrupt crypto lender Genesis to pay $21 mln to settle SEC charges https://t.co/GgHN1vz3CP https://t.co/6hIwUO80hT
The SEC says Genesis Global Capital agreed to pay a $21M civil penalty as part of a settlement over charges of offering unregistered securities via Gemini Earn (@xbt002 / The Block) https://t.co/ORUeZg5wKI 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/5XTElnNSIh
.@SECGov and @genesis_capital have settled a 14-month lawsuit over securities law violations for $21 million. ✍️ by @rkansawyer 📃 from @SECGov 🗞 Read more: https://t.co/DYqkUCNNFE https://t.co/wcm5b2HWcB
Bankrupt Crypto Lender Genesis to Pay $21 Million to Settle SEC Charges ► https://t.co/CHAQs8TGnr https://t.co/CHAQs8TGnr
JUST IN: The 🇺🇸 SEC announces Genesis Global Capital agrees to pay $21M penalty & permanent injunction for unregistered crypto asset lending via Gemini Earn program, which the SEC deems involved the sale of securities. Genesis neither admitted nor denied the SEC's findings. https://t.co/Du1IsEo9nO
Genesis Hit With $21 Million Civil Penalty Over Gemini Earn, Payment To Come After Retail Investors Paid Back $BTC https://t.co/n8BDYqPaL8 via @TheDeepDive_ca
A federal judge signed off on bankrupt crypto firm Genesis Global Capital’s settlement with the SEC over allegations a digital-asset lending program it helped run violated the agency’s rules. https://t.co/bg5LbbXRJF
Today we announced that Genesis Global Capital LLC agreed to pay a $21 million civil penalty to settle charges that it engaged in the unregistered offer and sale of securities through the Gemini Earn program. More: https://t.co/FrDGLd443P
⚠️ BANKRUPT CRYPTO LENDER GENESIS TO PAY $21 MILLION TO SETTLE SEC CHARGES Full Story → https://t.co/YxzHjNE6sb Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges that it illegally sold securities through its crypto lending program without… https://t.co/GeSP6v99VY
Bankrupt crypto lender Genesis has agreed to pay $21 million in a final judgment to settle charges with the SEC, the regulator announced Tuesday. @amitoj reports https://t.co/co0FfGyALO
SEC TO POCKET A PORTION OF GENESIS’ $21 MILLION CIVIL PENALTY - Genesis Global Capital LLC must pay a civil penalty of some $21 million as a key component of its now-ending case with the US Securities and Exchange Commission (SEC). - Genesis was accused of making an… https://t.co/lcvV05ibez https://t.co/rNKKDt7NbT
#BreakingNews Crypto Lender #Genesis Agrees to $21 Million SEC Fine, Funds to Await Bankruptcy Claim Settlements https://t.co/7rLQ7gjiCf
SEC slaps bankrupt crypto trading firm Genesis with $21m penalty https://t.co/N4pCPRAify
📣 Latest News: Genesis agrees to pay $21M to settle SEC case #news #cryptonews #crypto #regulations
Genesis Global Capital will pay a $21 million fine and enter a permanent injunction to resolve the SEC's allegations https://t.co/9YPgOAoU1o
🚨 JUST IN: Genesis Global Capital settles with #SEC for $21M over unregistered securities charges related to Gemini Earn program. Settlement follows Genesis' November 2022 withdrawal suspension, affecting 340,000 customers and $900M in assets.
🚨JUST IN: GENESIS TO PAY $21 MILLION CIVIL PENALTY AS PART OF SEC SETTLEMENT
Genesis agrees to $21 million penalty, with bankruptcy claims to be paid first https://t.co/5vfMySXtIy
Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges https://t.co/9Cq6Vfw74q
❖ SEC: Genesis Global Charges Related to Crypto Asset Lending Program known as Gemini Earn ❖ SEC: Genesis Global Agrees to Pay $21 Million Penalty to Settle SEC Charges
*GENESIS AGREES TO PAY $21 MILLION PENALTY TO SETTLE SEC CHARGES OVER EARN PROGRAM: PRESS RELEASE - THE BLOCK PRO
SEC: Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges https://t.co/mzycURDvRP
SEC CHARGES 17 IN $300M CRYPTO PONZI SCHEME The SEC has charged 17 individuals for their involvement in an alleged $300M crypto-related Ponzi scheme. The scheme, operated by Texas-based CryptoFX LLC, targeted predominantly Latino investors, promising them financial freedom and… https://t.co/TzmSTjrlG4