SEC Hits Genesis with $21 Million Penalty over Unregistered Crypto Lending Program

Genesis Global Capital, LLC has agreed to a $21
million penalty to settle charges brought against the firm by the Securities
and Exchange Commission (SEC). This matter involves allegations by the
regulator that the crypto lending platform offered unregistered securities to
the public.

The SEC accused Genesis of failing to register the
Gemini Earn program, a crypto lending product jointly managed with the
cryptocurrency exchange Gemini. The regulator maintains that the offering
breached the disclosure requirements designed to safeguard investors.

The SEC‘s Chair, Gary Gensler, mentioned: “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.”

“Today’s settlement builds on previous actions to
make clear to the marketplace and the investing public that crypto lending
platforms and other intermediaries need to comply with our time-tested
securities laws. Doing so best protects investors. It promotes trust in
markets. It’s not optional. It’s the law.”

Genesis‘ involvement in the Gemini Earn program, which
promised interest payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term on crypto assets loaned to the company, attracted
substantial attention until its collapse in November 2022.