{"id":27899,"date":"2024-03-20T05:41:57","date_gmt":"2024-03-20T05:41:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/genesis-global-capital-settles-with-sec-for-21-million\/"},"modified":"2024-03-20T05:41:57","modified_gmt":"2024-03-20T05:41:57","slug":"genesis-global-capital-settles-with-sec-for-21-million","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/genesis-global-capital-settles-with-sec-for-21-million\/","title":{"rendered":"Genesis Global Capital Settles with SEC for $21 Million"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

A $21 million settlement was agreed between the insolvent firm Genesis Global Capital and the U.S. Securities and Exchange Commission (SEC) in a major step for the crypto lending space. The allegations brought by the SEC were a result of the company\u2019s participation in the now-canceled Gemini Earn program, highlighting the legal complexities that are common in the cryptocurrency space.<\/p>\n

The SEC filed a complaint in January 2023, which led to a New York judge rejecting attempts to stop the case\u2019s advancement, and Genesis was then involved in legal processes<\/a>. The latest settlement represents the end of the long-running court drama, despite attempts to obstruct the proceedings.<\/p>\n

Acknowledging the resolution, Genesis, in court filings from February 2024, revealed its accord with the SEC to settle the charges, marking a pivotal moment in the case\u2019s timeline.<\/p>\n

Implications of Settlement<\/strong><\/h2>\n

Notably, the settlement stipulates that the SEC will not receive any portion of the penalty until all other claims sanctioned by the bankruptcy court have been satisfied. This condition delineates a structured approach to the disbursement of the settlement funds, ensuring equitable treatment of creditors.<\/p>\n

Gary Gensler, the Chair of the SEC, emphasized the significance of the settlement, portraying it as a reinforcement of the regulatory framework governing crypto lending platforms. He remarked, \u201cToday\u2019s settlement builds 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,\u201d elucidating the SEC\u2019s commitment to upholding securities regulations in the rapidly evolving crypto landscape.<\/p>\n

\n
\n
\n
\n
\n
250% Extra + $125 Free Chip!<\/strong><\/strong> <\/p>\n

New players only. 250% on 1st Deposit + $125 Free Chip<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

As the crypto market continues to evolve, regulatory agencies like the SEC remain vigilant in enforcing compliance to safeguard investors\u2019 interests and maintain market integrity. Genesis Global Capital\u2019s settlement underscores the growing convergence of traditional financial regulations with the burgeoning crypto ecosystem, shaping the future landscape of digital finance.<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) A $21 million settlement was agreed between the insolvent firm Genesis Global Capital and the U.S. Securities and Exchange Commission (SEC) in a major step for the crypto lending space. The allegations brought by the SEC were a result of the company\u2019s participation in the now-canceled […]<\/p>\n","protected":false},"author":34,"featured_media":27900,"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":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27899"}],"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\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=27899"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27899\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/27900"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=27899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=27899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=27899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}