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SEC Files “Totally Counterproductive” Charges Against Gemini and Genesis

The Genesis situation keeps getting worse.

Yesterday the Securities and Exchange Commission filed charges against crypto lending company Genesis and crypto exchange Gemini for offering and selling unregistered securities through Gemini’s Earn Program.

Genesis is a Digital Currency Group subsidiary. Genesis and Gemini set up the Earn program in December 2020 to offer Gemini customers the possibility of loaning their crypto assets to Genesis and earn interest on them. However, Genesis froze its redemption services in the immediate aftermath of FTX’s collapse; the company currently owes $900 million to Gemini clients. Gemini co-founder Cameron Winklevoss and DCG CEO Barry Silbert have been involved in an increasingly public fight over the matter, with Winklevoss even calling for the DCG board to remove Silbert as company CEO in an open letter.

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