U.S. regulators made their stance about 'crypto' clear, with the SEC taking 784 enforcement actions against 'crypto' firms and individuals in 2023, while the CFTC filed 96 digital asset cases.
The New York Attorney General’s charges were targeted at ending Gemini, Genesis, and Digital Currency Group's operations tied to the "purchase and sale of securities and commodities within or from New York."
The digital asset lender has five days from the date of the order to comply by handing over the Securities and Exchange Commission’s requested documents, creating a deadline of October 18.
Genesis assured clients that their derivative positions will be honored until expiry amid the suspension of its trading services, which will take effect on September 21.
The CoinDesk sale is a significant event in the blockchain economy—a wake-up call for the community and a reminder that accountability is essential in any industry, including the blockchain industry.
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 future of Bitcoin and its tokens remains uncertain—will the digital currency community learn from its past and find a way to reconcile its differences, or is another civil war inevitable?
Under the plan, which was proposed in September 2022, CoinFLEX creditors will own 65% of the company, while Series A investors would lose their equity stakes. Series B shareholders will retain their status.
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.
Barry Silbert was bullish on bitcoin in 2014; however, in 2017-2022, he turned to a multi-chain and speculation/trading-based investment strat, leading to one of the major bankruptcies of this bear market.