On Jan. 12, the United States Securities and Exchange Commission (SEC) charged cryptocurrency lending firm Genesis and cryptocurrency exchange Gemini with offering unregistered securities through Gemini’s “Earn” program.
“We allege that Genesis and Gemini offered unregistered securities to the public, circumventing disclosure requirements designed to protect investors,” SEC Chairman Gary Gensler said in a statement.
Gensler added that the charges “they build on previous actions to make it clear to the market and the investing public that crypto-lending platforms and other intermediaries must comply with our time-tested securities laws.”
“It’s not optional. It’s the law.”
The regulator said it is investigating other securities law violations by other entities related to the Gemini Earn program.
This story is in development and more information will be added as it becomes available.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.