The SEC is accusing crypto companies Genesis and Gemini of selling unregistered securities. Genesis still has not released about $900 million in investor assets from 340,000 Gemini Earn investors, the SEC says.
U.S. securities regulators on Thursday charged Genesis Global Capital and crypto exchange Gemini Trust Co. with offering and selling of unregistered securities to retail investors, bypassing disclosures and other requirements aimed at protecting market participants.
The SEC is also investigating whether other securities-law violations were committed and whether there are other companies or people relating to the alleged misconduct. The Winklevoss twins were early champions of cryptocurrencies, using the money and fame they won in legal wrangling with Facebook parent Meta Platforms Inc. META, +2.87% and Meta’s founder Mark Zuckerberg over their role in creating the social-media giant to launch Gemini.
By November, however, Genesis announced it would not allow the Gemini Earn investors to withdraw their crypto assets because of a liquidity crunch following volatility in the crypto market after FTX’s bankruptcy filing, the SEC said.
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