NEW: The SECGov has charged Gemini and Genesis with selling unregistered securities through the Gemini Earn product. nikhileshde realDannyNelson report
The Securities and Exchange Commission alleged crypto exchange Gemini and crypto lender Genesis Global Capital sold unregistered securities in a lawsuit late Thursday.
The investment regulator took aim at the Gemini Earn, the troubled yield-bearing product that hundreds of thousands of U.S. investors entrusted with their crypto. Gemini generated yield on billions of dollars in crypto by loaning deposits to Genesis, who loaned them out again. But Genesis’ November closure of lending withdrawals left some 340,000 Gemini Earn customers and about $900 million of crypto in limbo, the SEC said. . It accused the popular program of being an unregistered security.
“Defendants offered and sold the Gemini Earn Agreements through the Gemini Earn Program without registering,” with securities regulators, the complaint said. “As a result, investors lacked material information about the Gemini Earn program that would have been relevant to their investment decisions.”
The lawsuit is the latest twist in a high stakes CEO battle pitting the Winklevoss twins of Gemini against Barry Silbert, head of DCG. The Winklevoss twins, shaken by the fall of their popular yield product, have accused Silbert of fraud in his company’s management of Genesis; Silbert calls the brothers' accusations a publicity stunt.
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