TechFlow news, according to Reuters, the U.S. Securities and Exchange Commission (SEC) said Tuesday that cryptocurrency lending firm Genesis has agreed to pay a $21 million civil penalty to settle charges that it illegally sold securities through its crypto lending program without registration.
The settlement resolves allegations the SEC brought in January 2023 against Genesis and Gemini Trust over their joint crypto lending program. It marks one of a series of enforcement actions the SEC has taken against major companies in the cryptocurrency industry.
Under the terms of the consent agreement detailed Tuesday, the SEC said it will not receive any payment until other claims—including those from retail investors—are resolved in bankruptcy court.
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