The $21 million Genesis-SEC settlement signifies a pivotal shift in crypto regulation, impacting Genesis, its affiliates, and setting a precedent for industry-wide regulatory compliance.
AlexThe claim alleges that Gemini's preferential transfers of funds from Genesis unfairly disadvantaged other creditors, prompting a plea to the court for rectification.
BrianGemini and Genesis are seeking the dismissal of a lawsuit filed in January by the Securities and Exchange Commission. The SEC accused the firms of the unregistered offer and sales of securities in the form of Gemini’s Earn lending program.
TheBlockCrypto trading firm Genesis is reportedly under the lens of regulators in the state of Alabama and other U.S. states.
BitcoinistSeparately, the CEO of Genesis' parent company disclosed that it had a roughly $575 million liability to Genesis.
CoindeskIf Genesis is forced to file for bankruptcy, creditors will have no claim on GBTC assets, the report said.
CoindeskThe statement was released in response to reports that Genesis Global and the Gemini exchange have stopped allowing withdrawals.
CryptoknowmicsThis comes after the collapse of hedge fund Three Arrows Capital and crypto exchange FTX.
Beincrypto
NulltxThe bear market in crypto hasn’t deterred venture capital firms from investing heavily in blockchain and Web3 projects.
Cointelegraph