SEC Alleges Gemini, Genesis Sold Unregistered Securities

The Securities and Exchange Commission alleged crypto exchange Gemini and crypto lender Genesis Global Capital sold unregistered securities in a lawsuit late Thursday.

The investment regulator took aim at the Gemini Earn, the troubled yield-bearing product that hundreds of thousands of U.S. investors entrusted with their crypto. Gemini generated yield on billions of dollars in crypto by loaning deposits to Genesis, who loaned them out again. But Genesis’ November closure of lending withdrawals left some 340,000 Gemini Earn customers and about $900 million of crypto in limbo, the SEC said. . It accused the popular program of being an unregistered security.

“Defendants offered and sold the Gemini Earn Agreements through the Gemini Earn Program without registering,” with securities regulators, the complaint said. “As a result, investors lacked material information about the Gemini Earn program that would have been relevant to their investment decisions.”

The lawsuit is the latest twist in a high stakes CEO battle pitting the Winklevoss twins of Gemini against Barry Silbert, head of DCG. The Winklevoss twins, shaken by the fall of their popular yield product, have accused Silbert of fraud in his company’s management of Genesis; Silbert calls the brothers' accusations a publicity stunt.

Source: The AI Report (theaireport.net)

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson That’s weird how this happens after they accuse Digital Currency Group of owing them money. Whose side is the SEC on?

SECGov nikhileshde realDannyNelson Yeah.. and they let hackers transfer funds to other accounts bypassing all security measures.

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson The two have gotten real old real fast. Maybe step aside from crypto .... and all other endeavors where the public has to see your faces.

SECGov nikhileshde realDannyNelson Not surprisingly. Unlicensed cefi lending product

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson The SECGov works for the banks 🏦 jpmorgan and GoldmanSachs They no likely the competition for customers ☹️

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson The SEC is unelected trash ABUSING their “power” for personal and corporate gain.

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

SECGov nikhileshde realDannyNelson

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Genesis, Winklevoss twins' Gemini crypto venture charged by U.S. securities regulatorsU.S. securities regulators on Thursday charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities to... SECGov check out Donutapp while you’re at it.
Source: MarketWatch - 🏆 3. / 97 Read more »

DCG, Gemini Tensions Escalate as Winklevoss Calls for Removal of Barry SilbertThe Winklevoss twins' crypto exchange Gemini escalated its dispute with Digital Currency Group's (DCG) Genesis Global Trading – its partner on a crypto lending product pitched to smaller investors – by terminating a key aspect of their relationship. Lumida CEO and co-founder Ram Ahluwalia weighs in on the latest tensions escalating between DCG and Gemini. DCG is the parent company of Genesis and CoinDesk. Gemini LumidaWealth ramahluwalia Cameron and Tyler were too busy pretending to be rockers in 2022. They dropped the ball and have hurt their customers. Gemini LumidaWealth ramahluwalia Too late Gemini LumidaWealth
Source: CoinDesk - 🏆 291. / 63 Read more »

Winklevoss' Gemini terminates yield product as DCG dispute escalatesThe Winklevoss' Gemini terminates its yield product as dispute between the crypto exchange and DCG escalates
Source: BusinessInsider - 🏆 729. / 51 Read more »

Sean Chen Launches His New Comic Book, Genesis, From 247 ComicsIt's all a matter of reading between the lines, isn't it? Sean Chen, is best known for his work at Valiant Comics, but also for Marvel and DC, including comics such as Iron Man, Wolverine, Bloodshot, Harbinger, Rai, Batman, Nova, Salvation Run, Grimm Fairy Tales, Avengers Academy, Elektra and X-Men. He is now creating a […]\n 247ComicsHQ 😍 machibigbrother 🔥
Source: bleedingcool - 🏆 20. / 69 Read more »

Troubled Crypto Lender Genesis Owes Creditors Over $3B: FTTroubled crypto lender Genesis reportedly owes creditors over $3 billion, which is pushing its parent company DCGco to look at selling some of DCG's venture capital portfolio. By parikshitm899 DCGco parikshitm899 Sell your asset. btc eth DCGco parikshitm899 A lot of venture to sell between DCG & Alameda! DCGco parikshitm899 I like how this story ends, it's wild.
Source: CoinDesk - 🏆 291. / 63 Read more »

Your Gemini January 2023 Horoscope Predictions Are HereMake time for self-care this month, Gemini. The stars will ask a lot of you ♊
Source: Allure_magazine - 🏆 473. / 51 Read more »