Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
\u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\n Later, Genesis suspended<\/a> the withdrawal of the funds, saying it lacked enough assets to meet the requests. In the submission, SEC alleges that the Gemini Earn program constitutes a sale of a security and ought to have been registered under its purview. The failure denies investors crucial information on the program leading to losses.<\/p>\n\n\n\n SEC is continuing investigations into the possibility of any other security laws being violated by the two entities and has appealed to the public to provide any relevant evidence through its whistleblower program.<\/p>\n\n\n\n See Related:<\/em><\/strong> Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening<\/a><\/p>\n","post_title":"US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-regulator-charges-gemini-and-genesis-for-violating-securities-law-in-crypto-lending","to_ping":"","pinged":"","post_modified":"2023-01-14 16:18:52","post_modified_gmt":"2023-01-14 05:18:52","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9360","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/strong><\/em> From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Judge John Dorsey wrote on January 11 that the naming rights shall be effected \u2018\u2018immediately upon the entry of (the) order.<\/em>\u2019\u2019 That means the FTX branding would have to be removed from, among other places, the entrance of the sporting venue, on the polo shirts worn by the officials, and on the electronic cards for accessing the venue, which according to experts, would be a big undertaking.<\/p>\n\n\n\n Miami Heat posted<\/a> on Twitter on January 14 that the new name for the former FTX Arena would change to Miami \u2013 Dade Arena until a new partner comes on board.<\/p>\n\n\n\n \u2018\u2018Effective immediately, Miami-Dade County and the Miami Heat have agreed that, until such time as there is a new naming rights partner, to refer to the arena as Miami-Dade Arena. The removal of the facility\u2019s existing signage and the changeover of branding elements will be ongoing in the coming weeks.<\/em>\u2019\u2019<\/p>\n\n\n\n See Related:<\/em><\/strong> CryptoCom Arena: Reported $700m Deal Sealed For Clippers Arena<\/a><\/p>\n\n\n\n FTX and Miami \u2013 Dade Country \u2013 which owns the arena \u2013 agreed, effective June 2021, to extend the naming rights to the exchange for 19 years, where FTX would pay $2 million annually. The last payment was supposed to be $5.5 million on January 1 before the business went under. <\/p>\n\n\n\n FTX filed for bankruptcy<\/a> in November last year, collapsing with an estimated $10 billion worth of investors' funds. Its founder Sam Bankman-Fried was later arrested<\/a> and extradited to the US to face criminal charges relating to money laundering and financial fraud.<\/p>\n","post_title":"NBA\u2019s Miami Heat Ends $135M Deal With FTX Following Court Orders, Welcome Miami-Dade Arena","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"nbas-miami-heat-ends-135m-deal-with-ftx-following-court-orders-welcome-miami-dade-arena","to_ping":"","pinged":"","post_modified":"2023-01-15 02:59:30","post_modified_gmt":"2023-01-14 15:59:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9372","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9360,"post_author":"13","post_date":"2023-01-14 16:16:36","post_date_gmt":"2023-01-14 05:16:36","post_content":"\n The US Securities and Exchange Commission (SEC) charges<\/a> cryptocurrency exchange Gemini and Genesis Global for offering unregistered securities through the Gemini Earn Crypto asset-lending program, which was terminated in November with $900 million from 340,000 investors.\u00a0\u00a0<\/p>\n\n\n\n Announcing in a press release dated January 12, the agency has filed a complaint with the US District of New York, accusing the two companies of breaching Section 5 (a) and 5(c) of the Securities Act of 1933 - seeking for permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties.<\/p>\n\n\n\n \u2018\u2018We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,\u2019\u2019 <\/em>chairperson Gary Gensler said. \u2018\u2018(the) charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws,<\/em>\u2019\u2019 he added.<\/p>\n\n\n\n See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n In Dec. 2020, Gemini collaborated with Genesis - also part of the Digital Currency Group - to offer the exchange\u2019s customers a way to loan out their crypto holdings and earn interest. In the arrangement, Gemini was the agent and deducted interest of as high as 4.29% from the amount paid to Gemini\u2019s investors \u2013 where determined how and when to invest the pooled funds.<\/p>\n\n\n\nGemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Enter Miami-Dade Arena<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Enter Miami-Dade Arena<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n
Enter Miami-Dade Arena<\/h2>\n\n\n\n
Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\n\n\n\n