Genesis agrees to pay $21 million fine to settle SEC charges

The U.S. Securities and Exchange Commission (SEC) announced on its official website that Genesis Global Capital, LLC has agreed to a final judgment ordering it to pay a civil penalty of $21 million and impose a permanent injunction to resolve concerns regarding its crypto-asset lending through the Gemini Earn program. Allegations of planning to engage in an unregistered offering and sale of securities. Under the terms of the settlement, the SEC will not receive any portion of the penalty until all other allowed claims have been paid.