SEC Charges Gemini and Genesis with Unregistered Crypto Securities Offering


• The US Securities and Exchange Commission (SEC) has charged Gemini Trust Company, LLC and Genesis Global Capital, LLC with unregistered offering of securities.
• The SEC’s complaint alleges that the Gemini Earn program constitutes an offer and sale of securities which should have been registered with the regulator.
• The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains and prejudgment interest, as well as civil penalties.

The US Securities and Exchange Commission (SEC) has recently brought charges against two major cryptocurrency players, Gemini Trust Company, LLC and Genesis Global Capital, LLC. The accusations revolve around the unregistered offering of securities through the Gemini Earn crypto asset lending program.

The SEC’s complaint alleges that the Gemini Earn program constitutes an offer and sale of securities and that it should have been registered with the regulator. According to the SEC Chair Gary Gensler, “We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors. Today’s charges build 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.”

The two companies have been accused of raising billions of dollars worth of crypto assets from hundreds of thousands of investors through the Gemini Earn program without registering it with the SEC. As a result, the regulator is seeking permanent injunctive relief, disgorgement of ill-gotten gains and prejudgment interest, as well as civil penalties.

The charges are the latest in a string of cases brought by the SEC against digital asset companies. This is a clear signal that the regulator is taking a hard line against companies that fail to comply with their regulations. It also serves as a warning to other digital asset companies that they must abide by the laws and regulations set forth by the SEC or face serious consequences.

This news has caused a stir in the cryptocurrency community, with many wondering if the SEC is overstepping its bounds. For now, it is unclear what the outcome of the case will be, but it is clear that the SEC is serious about ensuring that digital asset companies comply with their regulations. As such, it is important for companies to be aware of their responsibilities and to ensure that they are in compliance before offering their products and services to the public.

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