Genesis agrees to pay $21 million fine to settle with SEC

ChainCatcher News: The US Securities and Exchange Commission (SEC) announced that Genesis Global Capital, LLC has agreed to a final judgment ordering it to pay a civil penalty of $21 million and to implement a permanent injunction to settle charges of conducting unregistered securities offerings and sales through a loan program called the Gemini Earn program using cryptocurrency assets.Under the terms of the settlement, SEC will not receive any portion of the penalty until all other claims allowed by the bankruptcy court (including claims by retail investors in the Gemini Earn program) have been paid.