{"id":27861,"date":"2024-03-19T14:55:39","date_gmt":"2024-03-19T14:55:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/genesis-agrees-to-21m-sec-settlement-over-gemini-earn\/"},"modified":"2024-03-19T14:55:39","modified_gmt":"2024-03-19T14:55:39","slug":"genesis-agrees-to-21m-sec-settlement-over-gemini-earn","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/genesis-agrees-to-21m-sec-settlement-over-gemini-earn\/","title":{"rendered":"Genesis agrees to $21M SEC settlement over Gemini Earn"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674053463007-6d5f43e2-f8a5-42b6-8c1c-de32126d04e5-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674053463007-6d5f43e2-f8a5-42b6-8c1c-de32126d04e5-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674053463007-6d5f43e2-f8a5-42b6-8c1c-de32126d04e5-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674053463007-6d5f43e2-f8a5-42b6-8c1c-de32126d04e5-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul class=\"decimal_type\">\n<li>Genesis settles $21M SEC penalty, permanent injunction for Gemini Earn violations.<\/li>\n<li>SEC Chair Gensler emphasizes crypto compliance with securities laws.<\/li>\n<li>Genesis authorized to sell $1.6B GBTC assets.<\/li>\n<\/ul>\n<p>Genesis Global Capital has agreed to pay a $21 million penalty and accept a permanent injunction for selling unregistered securities, according to an <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2024-37\">official press release<\/a> by the U.S. Securities and Exchange Commission (SEC). The agreement, finalized by a New York federal judge, marks a significant step in resolving the lawsuit against Genesis and Genesis Trust Co.<\/p>\n<p>The settlement underscores Genesis\u2019s failure to register its retail crypto lending product, bypassing critical disclosure requirements intended to protect investors.<\/p>\n<p>SEC Chair Gary Gensler has emphasized the importance of compliance with securities laws in the crypto lending space.<\/p>\n<h2>Impact on the crypto market<\/h2>\n<p>Following <a href=\"https:\/\/coinjournal.net\/news\/the-big-lesson-with-ftxs-collapse-is-onshore-vs-offshore-says-former-barclays-ceo\/\">the collapse of FTX<\/a>, Genesis faced challenges, including the suspension of repayments, withdrawals, and new loan originations.<\/p>\n<p>Withdrawal issues also affected Gopax\u2019s GoFi earn product, linked to Genesis, reflecting the broader impact of Genesis and Gemini Earn on global cryptocurrency markets.<\/p>\n<p>The <a href=\"https:\/\/coinjournal.net\/news\/us-sec-has-filed-charges-against-gemini-and-genesis\/\">repercussions of Genesis and Gemini Earn<\/a> reverberated throughout the cryptocurrency market.<\/p>\n<p>Gemini, a New York-based cryptocurrency exchange, agreed to return $1.1 billion in digital assets to users of its Earn program in light of Genesis\u2019s bankruptcy.<\/p>\n<p>Meanwhile, Genesis received authorization from the U.S. Bankruptcy Court in the Southern District of New York to sell off $1.6 billion worth of GBTC to repay creditors, signalling progress in the resolution process.<\/p>\n<p>This resolution highlights the need for transparency and adherence to securities laws, particularly in emerging sectors like crypto lending.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/genesis-agrees-to-21m-sec-settlement-over-gemini-earn\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison ) Genesis settles $21M SEC penalty, permanent injunction for Gemini Earn violations. SEC Chair Gensler emphasizes crypto compliance with securities laws. Genesis authorized to sell $1.6B GBTC assets. Genesis Global Capital has agreed to pay a $21 million penalty and accept [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":27862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27861"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=27861"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/27862"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=27861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=27861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=27861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}