Genesis Settles with SEC for $21 Million Amid Bankruptcy Proceedings

The settlement, aimed at resolving accusations of illegal securities sales, will be paid after customer repayments are completed.

Genesis Global has agreed to a $21 million settlement with the SEC over its Gemini Earn lending program, to be paid after fully repaying customers in its bankruptcy.
The settlement resolves a lawsuit accusing Genesis and Gemini Trust of illegally selling securities to investors through the Gemini Earn program.
Genesis, a subsidiary of Digital Currency Group, does not admit or deny wrongdoing in the agreement.
The agreement aims to avoid the costs and risks of defending against the SEC lawsuit, allowing Genesis to focus on repaying customers and creditors.
Genesis's bankruptcy plan, including customer repayment in cash or cryptocurrency, is expected to seek court approval on February 14.