Today we charged Genesis Global Capital, LLC and Gemini Trust Company, LLC for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.
— U.S. Securities and Exchange Commission (@SECGov) January 12, 2023
Interesting that the Gemini Earn program was running for 2 years and the SEC shows up shortly after it collapses.
— Jameson Lopp (@lopp) January 12, 2023
I've said it throughout-100% of these 'earn' type programs are debt securities. They are fully trustful & exactly why securities laws exist--it's not even reasonably debatable imo.
I have 0 problem with this SEC enforcement action. https://t.co/UeF9m0efg9
— _gabrielShapir0 (@lex_node) January 12, 2023