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On 19 March 2024, the Securities and Exchange Commission announced the closure of its lawsuit against Genesis Global Capital, LLC for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. The latter agreed to the payment of a USD 21 million. The SEC will not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in the Gemini Earn program. The lawsuit against Gemini is ongoing.
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