- In a lawsuit, the Securities and Exchange Commission claimed that cryptocurrency businesses Genesis and Gemini promoted and traded unregistered securities.
- It’s the latest in a slew of recent enforcement proceedings launched by SEC head Gary Gensler since FTX’s demise in November.
- Genesis, a cryptocurrency lender and Gemini, a cryptocurrency exchange, collaborated in February 2021 on a Gemini product called Earn, which promised consumers rates of up to 8%.
- Regulators are suing both Genesis and Gemini for disgorgement, injunctions relief, and civil penalties.
- The Winklevoss twins’ Gemini and Barry Silbert’s Digital Currency Group’s Genesis have been at odds over the fate of $900 million in user funds.