Crypto lender Genesis Global has settled with the U.S. Securities and Exchange Commission (SEC) in a lawsuit related to its bankrupt Gemini Earn lending program.
As part of the deal, Genesis has agreed to pay a $21 million civil penalty, contingent upon the full repayment of customers during its ongoing bankruptcy proceedings.
Genesis Agrees to $21 Million Settlement
The agreement, filed in U.S. Bankruptcy Court in Manhattan on Wednesday evening, allows Genesis to evade the expenses and uncertainties associated with defending itself against the SEC’s allegations of illegally selling securities.
While Genesis did not admit or deny wrongdoing in the settlement, the resolution will enable the company to focus on repaying customers and other creditors during its bankruptcy proceedings. The deal stipulates that the $21 million fine will only be enforced if Genesis successfully fulfills its financial obligations to creditors.
To expedite the resolution and streamline the bankruptcy process
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