Gemini and Genesis charged by SEC over unregistered securities

The Securities and Exchange Committee of the United States (sec) on Janv. 12 charges cryptocurrency loan business genesis and crypto gemini exchange with offering non-registered securities via gemini's "win" program.

“We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler in a statement.

Gensler added the charges "build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws."

"This is not mandatory. That's the way it is.

The regulator stated that it was investigating other breaches of securities laws committed by other entities with respect to the Gemini Earn program.

This story is being developed and additional details will be added as they become available.