Genesis Global will pay a $21 million in civil penalty to settle US SEC charges
Genesis Global has agreed to pay $21 million in civil penalties for engaging in the unregistered offer and sale of securities through the Gemini Earn program. The US Securities and Exchange Commission (SEC) criticized Genesis for offering up a retail crypto lending product without registering it first, a move that was seen as a violation of the Securities Act of 1933. The SEC’s Chair, Gary Gensler, emphasized the importance of following the law to protect investors and ensure trust in markets. The collapse of the Gemini Earn program serves as a cautionary tale for investors, as it highlights the unknown