Genesis has pleaded guilty and intends to pay compensation of $21 million
Genesis Global Capital has fully admitted its guilt and agreed with the final court decision on the claim of the U.S. Securities and Exchange Commission (SEC).
The regulator accused Genesis of selling unregistered securities to retail investors through the Gemini Earn crypto lending program. Now the Genesis administration will have to pay a fine of $21 million to settle the charges.
A week ago, a New York court rejected the petitions of Genesis and Gemini crypto exchange to dismiss the court case due to the unfounded accusations of the SEC. The March 12 court ruling said the SEC's lawsuit "plausibly alleges" that Gemini and Genesis violated securities laws.
"The settlement agreement and Genesis' admission of guilt confirms the correctness of our actions. This should make it clear to the market and investors that all crypto lending platforms and other intermediaries of the digital asset market must comply with time—tested securities laws," said SEC Chairman Gary Gensler.
Source: https://bits.media/genesis-priznala-svoyu-vinu-i-vyplatit-sec-kompensatsiyu-v-razmere-21-mln/
