Securities and exchange commission (sec) has filed charges against both genesis and gemini related to the gemini earn program. the sec is alleging that gemini and genesis bypassed disclosure requirements designed to protect investors by offering unregistered securities to the public. the sec says that gemini and genesis raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors. sec chair gary gensler stated that compliance with securities laws is not optional and is the law.
Charges were filed in the u.s. district court for the southern district of new york. the sec is seeking permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties. gensler stated that compliance with securities laws is necessary to best protect investors and promote trust in markets.
Earn is now the linchpin in the new set of charges filed by the sec. the sec is seeking to protect investors and promote trust in markets. this is a developing story and will be updated as more information becomes available. gemini earn is described as an unregistered offering that qualifies as the sale of securities to retail investors. the sec is alleging that gemini and genesis bypassed disclosure requirements designed to protect investors. gensler stated that compliance with securities laws is necessary to best protect investors.
