Unregistered Securities: SEC Takes Action Against Crypto Giants!
The Securities & Exchange Commission goes after Genesis and Gemini!
In this video we dive into the saga between the SEC, Genesis Global and Gemini. The SEC has charged Genesis Global Capital and Gemini Trust Company for the unregistered sale of securities to retail investors, alleging that the companies successfully raised billions of dollars in cryptocurrency assets through the alleged unregistered offering. The complaint seeks a permanent injunction, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.
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According to the SEC's complaint filed in the US District Court, Genesis and Gemini allegedly violated federal securities laws by offering unregistered securities to retail investors through the Gemini Earn program. The program allowed Gemini customers, including retail investors in the United States, to loan their crypto assets to Genesis in exchange for interest payments from Genesis. The SEC's lawsuit seeks to permanently enjoin Genesis and Gemini from future violations of the securities laws, as well as disgorgement of ill-gotten gains and civil penalties.
#bitcoin #btc #bitcoinnews #bitcoinnewstoday #gemini #genesis #cryptoregulation #cryptocurrencynews #securities #garygensler
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