Feuding crypto giants Genesis and Gemini have been sued by the SEC for 'unregistered offer and sale of securities'
crypto giant Genesis's lending arm Genesis Global Capital and digital currency exchange Gemini Thursday for the unregistered offer and sale of securities to customers through an interest-bearing product.
"We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors," SEC chairman Gary Gensler said in a statement. Gemini, spearheaded by the Winklevoss twins, launched its Earn program in February 2021 that let users lend their crypto to institutional borrowers in exchange for interest on the assets. It partnered with Genesis for the program.customer withdrawals, leaving $900 million of Gemini client money stuck on the platform.
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SEC Alleges Gemini, Genesis Sold Unregistered SecuritiesNEW: The SECGov has charged Gemini and Genesis with selling unregistered securities through the Gemini Earn product. nikhileshde realDannyNelson report
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Gemini and Genesis charged by SEC over unregistered securitiesThe United States Securities and Exchange Commission (SEC) has charged Genesis and Gemini over the sale and offer of unregistered securities through the crypto lending program Gemini Earn.
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SEC charges Gemini and Genesis with unregistered securities offeringThe program has been the subject of a public fight between the two erstwhile corporate partners.
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SEC Sues Crypto Firms Genesis and Gemini Over Lending ProductThe SEC sued crypto firms Genesis and Gemini over a $900 million crypto-lending program that allegedly violated investor-protection laws
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Genesis, Winklevoss twins' Gemini crypto venture charged by SEC with selling unregistered securitiesThe SEC is accusing crypto companies Genesis and Gemini of selling unregistered securities. Genesis still has not released about $900 million in investor assets from 340,000 Gemini Earn investors, the SEC says.
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