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Post: NYAG Reaches Settlement with Genesis Global Holdco in Gemini Earn Case

NYAG Reaches Settlement with Genesis Global Holdco in Gemini Earn Case

Key Points:

  • The New York State Office of the Attorney General (NYAG) settled with Genesis Global Holdco in a proposed motion in its case surrounding the Gemini Earn program.
  • The NYAG filed an amended complaint in the case, naming Genesis Global Holdco and all its codefendants.
  • The settlement between Genesis and the NYAG is the “product of extensive negotiation.”
  • The settlement stipulates that the NYAG would receive payment on its claims on equal footing with the SEC and only after payments to creditors.

Insight:

The NYAG has reached a settlement with Genesis Global Holdco, the parent company of crypto exchange Gemini, in relation to the Gemini Earn program. This settlement comes after the NYAG filed an amended complaint in the case, naming Genesis Global Holdco and other defendants. The settlement is the result of extensive negotiations and stipulates that the NYAG will receive payment on equal terms with the SEC and only after payments to creditors. The court will consider this settlement along with the previously settled SEC case on February 14th.

Hot Take:

This settlement between the NYAG and Genesis Global Holdco indicates progress in resolving the legal issues surrounding the Gemini Earn program. As more details and outcomes are revealed in this case, it will be interesting to see how regulators and the crypto industry navigate the complexities of cryptocurrency lending and yield programs.

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