Home Stocks SEC charges Genesis and Gemini with securities law violations

SEC charges Genesis and Gemini with securities law violations


SEC also highlighted that Genesis had announced in November 2022 that it would not allow Gemini Earn investors withdraw their crypto assets because it did not have sufficient liquid assets due volatility in the crypto asset markets.

The US regulator asserts that Gemini Earn is essentially an offer to sell securities and should have been registered at the Commission.

Gary Gensler is the Chair of the SEC.

We assert that Genesis, Gemini and other intermediaries offered unregistered securities for the public without complying with disclosure requirements intended to protect investors. Today’s charges build 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. This is the best way to protect investors. It fosters trust in the markets. It’s not optional. It’s the law.

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, said:

The recent collapse of crypto asset lending programs and the suspension of Genesis’ program underscore the critical need for platforms offering securities to retail investors to comply with the federal securities laws. As we’ve seen time and again, the failure to…

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