Cryptocurrencies
Genesis’s $21 Million Settlement With SEC Green Lit by Judge
- Crypto firm doesn’t admit or deny regulator’s allegations
- SEC sued Genesis, Gemini over Earn program in January 2023
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A federal judge signed off on bankrupt crypto firm Genesis Global Capital’s settlement with the Securities and Exchange Commission over allegations a digital-asset lending program it helped run violated the agency’s rules.
Genesis will pay $21 million under the terms of the agreement approved by the judge on Monday. The SEC sued Genesis and Gemini Trust Co. in January 2023, alleging that the companies illegally raised billions of dollars’ worth of cryptoassets from investors through the so-called Gemini Earn program.