Digital Currency Group Opposes Genesis Settlement Proposal with New York Attorney General's Office

According to BlockBeats, Digital Currency Group (DCG) has opposed a settlement proposal submitted by its subsidiary Genesis Global to the New York Attorney General's Office. Earlier this month, Genesis Global reached an agreement with the Attorney General's Office to settle allegations of defrauding investors. However, parent company DCG believes that this is not an appropriate settlement solution. In its objection filed with the U.S. Bankruptcy Court for the Southern District of New York, DCG stated that Genesis 'cannot use the settlement as an excuse to extract value from the lower classes and redistribute it to priority creditors, thereby violating the absolute priority rule.' Former Co-Chief of the Attorney General's Office and former Senior Federal Prosecutor in New York, Jason Brown, supports DCG's opposition. He claims in court documents that the details of the settlement may not have been properly finalized.