Former SEC attorney Howard Fischer says the agency's lawsuit against Gemini Trust and Genesis Capital comes as it is trying to become crypto's leading regulator. crypto sec gemini genesis
Gemini Earn customers loaned their crypto deposits to Genesis, which then lent them out in exchange for offering Gemini customers a high yield on their deposits. In November, however, Genesis frozeGenesis is owned by Digital Currency Group, which is also CoinDesk's parent company.
“They [the SEC] want to be the regulators,” Fischer said. “And there is a significant chance that we may see them try to expand this, if it's successful” with the lawsuit. He added that “depending on how much money is there,” and if the “notes at issue” were unregistered securities, consumers could get their money back.
“They’re [the SEC] going to try to unwind the clock and make sure to the extent possible that customers are made whole,” Fischer said. “That is limited by the assets that are available.”
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