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SEC Sues Genesis & Gemini

SEC Sues Genesis & Gemini

The US Securities and Exchange Commission (SEC) has filed a complaint against cryptocurrency lender Genesis Global Capital and exchange Gemini Trust.

On Jan. 12, 2023, U.S. Securities and Exchange Commission (SEC) published a press release, in which they detail the reasons behind such actions.

Genesis and Gemini are accused of selling unregistered securities to retail investors under the Earn lending programme.

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It is being alleged that the two companies sold billions of dollars worth of crypto-assets to "hundreds of thousands of investors" through the Gemini Earn programme, and promised depositors high-interest returns.

According to the press release, the companies ‘violated the Securities Act 1933’.

In the press release, SEC chair Gary Gensler is quoted as saying:

We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors

As a response to the developing situation, Gemini co-founder Tyler Winklevoss commented on the SEC's statement:

He considers the commission's action to be 'completely counterproductive'. Future litigation is not conducive to the company's efforts to recover crypto assets from customers.

The situation is getting more and more tense everyday, as testerday, Gemini officially shut down the Earn programme.

This came amid payment delays and a Twitter spat between Barry Silbert (founder of DCG) and Cameron Winklevoss (Gemini co-founder), who wrote an open letter to Silbert.

Genesis, on the other hand, has also been going trough rough times, as it was recently announced that the company laid off 30% of its workforce.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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