Genesis Global Capital to Pay $21 Million Civil Penalty in SEC Settlement Over Violating Securities Laws
Genesis Global Capital has reached a settlement with the SEC and will pay a $21 million civil penalty. The SEC will not receive any portion of the penalty until after other allowed claims have been paid. The settlement resolves charges that Genesis violated securities laws in connection with the now-defunct Gemini Earn program. The SEC case against Genesis and crypto exchange Gemini will move forward after a New York judge denied their motions to stop it. The settlement emphasizes the need for crypto lending platforms and intermediaries to comply with securities laws.
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