Crypto Lender Genesis Wins Court Approval of SEC Settlement

Failed crypto lender Genesis Global Holdco LLC won bankruptcy court approval of a settlement with the US Securities and Exchange Commission resolving a government lawsuit alleging the company’s now terminated Gemini Earn program violated securities rules.

• Judge Sean Lane said he’d approve the settlement during a Monday hearing, resolving a complaint that could have been an obstacle in Genesis’ attempt to win bankruptcy court approval on a plan for distributing cash and crypto to creditors, including Earn customers.
• Genesis, a subsidiary of Barry Silbert’s Digital Currency Group Inc., agreed to pay a $21 million civil penalty without admitting ...