In Yet Another Blow, Genesis and Gemini Sued By SEC | CoinMarketCap

"Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors," said SEC chairman Gary Gensler in a statement late Thursday. "Crypto lending platforms and other intermediaries need to comply with our time-tested securities laws. Doing so best protects investors. It promotes trust in markets. It's not optional. It's the law.

"The recent collapse of crypto asset lending programs and the suspension of Genesis' program underscore the critical need for platforms offering securities to retail investors to comply with the federal securities laws. As we've seen time and again, the failure to do so denies investors the basic information they need to make informed investment decisions."

But the risks are just as high. Many of the top crypto lenders went bankrupt in 2022, with Celsius and Voyager Digital having the highest profile. This has been both as a result of reckless lending and the fallout of the collapse of crypto hedge fund Three Arrows Capital earlier in the year. Like BlockFi, Genesis became insolvent after a client run sparked by the collapse of Sam Bankman-Fried's FTX exchange. But while its exposure was just $175 million, it had lost more than $1 billion to the 3AC collapse. It withstood that storm after DCG said it had given its division $1.1 billion, "absorbing" the loss.

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