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Bankrupt Crypto Lender Genesis Reaches Earn Settlement With SEC

Katie Lin

Summary: Bankrupt crypto lender Genesis Global Holdco LLC has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to settle a civil lawsuit alleging that Genesis had violated securities rules through its now-defunct Gemini Earn program.  Genesis agreed to pay a $21 million civil penalty to the SEC to settle the lawsuit. But the ...

Bankrupt crypto lender Genesis Global Holdco LLC has reached an agreement with the U.S. Securities and Exchange Commission (SEC) to settle a civil lawsuit alleging that Genesis had violated securities rules through its now-defunct Gemini Earn program. 

Genesis agreed to pay a $21 million civil penalty to the SEC to settle the lawsuit. But the penalty will only have to be paid if the company is able to repay its customers and other creditors in full under Chapter 11, according to documents filed Wednesday in New York Bankruptcy Court.

Author: Katie Lin

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