Genesis Reaches $21 Million Settlement With SEC Over Gemini Earn Program

THE Genesis legal team propose A Feb. 14 audience has recognize THE SECOND regulation as part of It is bankruptcy case.

Bankruptcy farm Genesis Global Holdco And It is affiliates said they had ruler with THE United States Securities And Exchange Commission (SECOND) For $21 millions.

In A Jan. 31 deposit In WE. Bankruptcy Court For THE From South District of New York, Genesis debtors propose Planning A audience on Feb. 14 has enter A movement recognize A agreement between THE farm And THE SECOND. According to has THE debtors, THE SECOND will receive $21 million In exchange For regulation It is civil trial against Genesis on THE "not registered offer And sale of securities" through THE Gemini Earn program.

"THE Regulations Agreement East THE product of extensive negotiations between THE SECOND And GGC, » said THE deposit. "THE propose regulation will, among other benefits has THE Debtors areas, solve THE Civil Action Claim deposit by THE SECOND In these Chapter 11 Case And eliminate THE risks, expenses, And uncertainty partner with prolonged dispute against THE DRY. »

Source: Kroll

THE regulation would be solve A SECOND lawsuit against Genesis And Gemini filed In January 2023. THE commissions case concentrate on THE two companies Actions between FEBRUARY 2021 And November 2022, alleging they violated WE. securities laws through THE crypto ready program.

Genesis suspended withdrawals on It is platform In November 2022 And deposit For bankruptcy In January 2023. THE DRY trial And Genesis' bankruptcy thread...