
Genesis Lending has reached a settlement with the SEC 🇺🇸 to end a civil lawsuit accusing the company of violating securities rules through its Gemini Earn program.
Genesis filed for bankruptcy protection a few months ago and this is also considered a good result because they only have to pay penalties if there is money left over after paying off all creditors.
'Genesis, a subsidiary of Digital Currency Group Inc. owned by Barry Silbert, has agreed to pay a $21 million civil penalty to the U.S. Securities and Exchange Commission to end the lawsuit. However, the company only has to pay this fine if it can fully repay customers and other creditors in Chapter 11, according to documents filed Wednesday in New York bankruptcy court.'
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