
Gemini, Genesis want SEC charges dismissed
Genesis and Gemini argued that the alleged ‘securities’ in this case are mere lone agreements being incorrectly characterized by the SEC as securities offerings.
Genesis and Gemini argued that the alleged ‘securities’ in this case are mere lone agreements being incorrectly characterized by the SEC as securities offerings.
The hearing by New York regulators examined the “transparency and security of the cryptocurrency industry and potential improvements as they relate to investor and consumer protection.”
The Philippines SEC has issued a warning over ‘Gemini Derivatives,’ a product available on Gemini’s new Foundation platform, which the regulator alleges is violating Filipino securities law.
Amid regulatory challenges in the United States, Gemini sets its eyes on the APAC region, with India as its primary focus, a nation known for enforcing stringent regulations on the digital asset market.
Silvergate Capital Corporation cites the recent regulatory developments for its decision to liquidate the bank, while Signature stresses its ties in the asset space are limited to the U.S. dollar.
Silvergate notified the U.S. SEC that it wouldn't be filing the annual report on its fiscal health by March 16, insisting it "requires additional time" to fully diagnose its shortcomings.
The FDIC issued a cease and desist letter to CEX.IO demanding that it removes all references to FDIC insurance as the agency doesn’t cover digital assets.
Winklevoss twins announced that Gemini had "reached an agreement in principle" with Genesis Global Capital, DCG, "and other creditors on a plan that provides a path for Earn to recover their assets."
In legally ambiguous and vague language, Gemini repeatedly told its customers that funds were FDIC-insured, giving them false hope that their money was safe.
Sign traders' expectations proved true as Genesis Global Capital LLC's parent company officially filed for Chapter 11 bankruptcy following a tumultuous year for the 'crypto' house of cards.
Genesis Global is on the brink of filing for bankruptcy this week after being caught off guard by the 3AC collapse last year, but sources said talks are ongoing and plans could change.
The U.S. securities regulator has formally charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities in connection with the Gemini Earn digital asset lending program.