Genesis Global Settles with SEC for $21M Amid Crypto Turmoil

March 19, 2024
Genesis Global Settles with SEC for $21M Amid Crypto Turmoil
  • Genesis Global Capital LLC has agreed to a $21 million SEC settlement and a permanent injunction over unregistered securities sales.

  • The SEC charges stem from the Gemini Earn program, impacting 340,000 investors with inaccessible crypto assets valued at around $900 million.

  • Genesis is resolving additional legal issues, including a lawsuit from the New York Attorney General, and is authorized to sell $1.6 billion in GBTC to repay creditors.

  • The cryptocurrency market has recently seen a 6% downturn, with Bitcoin specifically facing a 6.6% price correction.

  • SEC officials, including Chair Gary Gensler and Enforcement Director Gurbir S. Grewal, underscore the settlement's role in enforcing securities law compliance in the crypto sector.

  • The actions against Genesis are part of the SEC's larger initiative to enhance regulatory clarity and investor protection in the cryptocurrency industry.

Summary based on 10 sources


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