Amitoj Singh is a CoinDesk reporter.
Genesis Global Capital will pay $21 million as a civil penalty in a settlement with the SEC that has now been formalized.
The SEC will not receive any"portion of the penalty until after payment of all other allowed claims," the regulator said in a statement. Bankrupt crypto lender Genesis Global Capital has agreed to a final judgment ordering it to pay $21 million to settle charges with the U.S. Securities and Exchange Commission for violating securities laws for its role with the now-defunct Gemini Earn program, the SECmotions by Genesis and crypto exchange Gemini to stop the SEC case filed in January 2023 from moving forward. Genesis and two affiliates had filed for bankruptcy shortly after the SEC charges.
Critically, the SEC will not receive any"portion of the penalty until after payment of all other allowed claims by the bankruptcy court," the announcement said. “Today’s settlement builds 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," said SEC Chair Gary Gensler in a statement.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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