Gemini and Genesis Sued by SEC Over Crypto the company’s Earn Program1 min read

Tyler and Cameron Winklevoss at TechCrunch Disrupt NY 2015 (TechCrunch/Wikimedia)
Tyler and Cameron Winklevoss at TechCrunch Disrupt NY 2015 (TechCrunch/Wikimedia)

Genesis Global Capital and Gemini Trust Co. were sued by US regulators for violating securities laws.

In a statement made on Thursday by the Securities and Exchange Commission, the companies used the so-called Gemini Earn scheme to illegally raise billions of dollars from tens of thousands of investors. The SEC claimed that the product in question amounted to the offering of unregistered securities since it allowed users to lend out their assets in exchange for interest payments.