\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

See Related:<\/strong><\/em> Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill<\/a><\/p>\n\n\n\n

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

Enter Miami-Dade Arena<\/h2>\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\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

Enter Miami-Dade Arena<\/h2>\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

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

Enter Miami-Dade Arena<\/h2>\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n

A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

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

Enter Miami-Dade Arena<\/h2>\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

Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

ADVERTISEMENT
\n
  • The investors of this platform seem satisfied with Huobi's actions. For them, this move is like a \"purge\" <\/em>of the exchange. They will have many opportunities to approach potential projects more effortlessly. Mr Liu Kim, a Singaporean investor, said: \"In the past, Huobi was like a market selling all kinds of goods. I believe this action will be Huobi's blood change, focusing on quality instead of quantity\"<\/em>.<\/li>\n<\/ul>\n","post_title":"Huobi Purges 33 Tokens From Its Exchange In A Single Day","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"huobi-purges-33-tokens-from-its-exchange-in-a-single-day","to_ping":"","pinged":"","post_modified":"2023-01-17 22:19:29","post_modified_gmt":"2023-01-17 11:19:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9403","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

    A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

    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

    Enter Miami-Dade Arena<\/h2>\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

    Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    ADVERTISEMENT
    \n
  • Following Huobi's announcement, the crypto market had a \"bloody\"<\/em> week. The value of the 33 tokens quickly dropped from 3%-5% in 24 hours on average, according to CoinMarketCap.
    <\/li>\n\n\n\n
  • The investors of this platform seem satisfied with Huobi's actions. For them, this move is like a \"purge\" <\/em>of the exchange. They will have many opportunities to approach potential projects more effortlessly. Mr Liu Kim, a Singaporean investor, said: \"In the past, Huobi was like a market selling all kinds of goods. I believe this action will be Huobi's blood change, focusing on quality instead of quantity\"<\/em>.<\/li>\n<\/ul>\n","post_title":"Huobi Purges 33 Tokens From Its Exchange In A Single Day","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"huobi-purges-33-tokens-from-its-exchange-in-a-single-day","to_ping":"","pinged":"","post_modified":"2023-01-17 22:19:29","post_modified_gmt":"2023-01-17 11:19:29","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9403","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9372,"post_author":"13","post_date":"2023-01-14 17:45:33","post_date_gmt":"2023-01-14 06:45:33","post_content":"\n

    A US federal court has agreed to a request by Miami-Dade County and FTX to end a naming rights deal worth $135 million for the exchange at the sporting venue of the NBA basketball team - Miami Heat. According to the ruling<\/a>, FTX Arena would no longer be referred to as such, and all the branding containing the logos of the bankrupt exchange would be removed.<\/p>\n\n\n\n

    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

    Enter Miami-Dade Arena<\/h2>\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

    Gemini Drew As High As 4% Interest In The Earn Program<\/h2>\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"};

    Most Read

    Subscribe To Our Newsletter

    By subscribing, you agree with our privacy and terms.

    Follow The Distributed

    ADVERTISEMENT
    \n