Skip to content

Crescoia

Menu
Menu

SEC Charges Genesis and Gemini for Unlawful Cryptocurrency Securities Offerings

Posted on 14. Januar 2023 by admin

Bulletpoints:
• The U.S. Securities and Exchange Commission (SEC) has charged Genesis Global Capital LLC and Gemini Trust Company LLC for unlawfully offering securities to a large number of investors through their cryptocurrency lending program.
• Through their Gemini Earn program, Genesis and Gemini were offering investors the opportunity to lend their cryptocurrency assets to Genesis in return for interest and Gemini was deducting a fee from the returns.
• The SEC’s complaint states that the Gemini Earn program should have been registered with the Commission and Gemini and Genesis broke securities laws by offering and selling cryptocurrency assets without proper disclosure regulations.

The U.S. Securities and Exchange Commission (SEC) has recently charged both Genesis Global Capital LLC and Gemini Trust Company LLC for allegedly offering securities to a large number of investors through their cryptocurrency lending program. According to the SEC’s complaint, Genesis and Gemini failed to register their offering of securities in violation of relevant laws.

The SEC’s action against Genesis and Gemini stems from their agreement to offer Gemini clients the opportunity to lend their cryptocurrency assets to Genesis in return for interest. Through their Gemini Earn program, investors would transfer their cryptocurrency assets to Genesis and Gemini would act as a facilitator for the transaction. However, Gemini was also deducting a fee, at times as high as 4.29 percent, from the returns Genesis paid to Gemini Earn investors.

The SEC’s complaint states that the Gemini Earn program should have been registered with the Commission and Gemini and Genesis violated securities laws when they offered and sold cryptocurrency assets through the Gemini Earn program without adhering to the disclosure regulations established to safeguard investors. The SEC’s complaint further alleges that Genesis and Gemini failed to provide any disclosures about the material risks associated with their cryptocurrency lending program.

In November 2022, Genesis informed its investors that due to market volatility, the company had decided to suspend its lending program and pay back its investors their principal plus the interest they had earned. The SEC’s complaint states that in doing so, Genesis and Gemini violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

The SEC’s action against Genesis and Gemini serves as a reminder of the need for companies to comply with securities laws when offering and selling securities. As cryptocurrency markets continue to grow, the SEC will continue to monitor the industry and take action against those who violate securities laws.

Neueste Beiträge

  • Is BGX AI the Ultimate Trading Tool? Read Our Review Now!
  • Yuanpay Erfahrungen: Der Broker für Bitcoin im Test
  • Is Bitcoin Ifex 360 Ai the Future of Cryptocurrency Trading? Find Out in This Review
  • Bitcoin Millionaire Erfahrungen und Test – Broker für Bitcoin
  • Is XBT 360 AI the Real Deal or Just Another Cryptocurrency Scam?

Kategorien

  • Allgemein
  • Anzahl
  • Bitcoin
  • Casino
  • Fotos
  • Geräte-Manager
  • Krypto
  • kryptovalutasfären
  • massimi
  • online casino gewinnchancen 
  • PDF
  • personalidade
  • Preisanalyse
  • SmartHome

Archiv

  • Oktober 2023
  • September 2023
  • August 2023
  • Juli 2023
  • Juni 2023
  • Mai 2023
  • April 2023
  • März 2023
  • Februar 2023
  • Januar 2023
  • Juni 2022
  • Mai 2022
  • Januar 2022
  • Oktober 2021
  • März 2021
  • Februar 2021
  • Januar 2021
  • Dezember 2020
  • November 2020
  • Oktober 2020
  • September 2020
  • August 2020
  • Juli 2020
  • Juni 2020
  • Mai 2020
  • April 2020
  • Januar 2020
  • November 2019
  • Oktober 2019
  • Juni 2019
  • Mai 2019
  • Juni 2018
©2023 Crescoia | Built using WordPress and Responsive Blogily theme by Superb