Summary
TLDR: The Securities and Exchange Commission settlement with Genesis was approved in court, with Genesis potentially paying up to $21 million. There are objections from DCG regarding the bankruptcy plan and settlement with the New York Attorney General. Discussions are ongoing in the bankruptcy case, including creditor repayments and objections to the proposed settlement.
Key Points
1. The Securities and Exchange Commission’s settlement with Genesis was approved by the court on Monday, with Judge Sean Lane deeming it a “reasonable settlement” as there were no objections.
2. The settlement could potentially see Genesis paying up to $21 million, depending on creditor repayment, following allegations of pooling assets from Gemini Earn with funds from other customers.
3. Key issues being discussed include objections from Digital Currency Group (DCG) to the bankruptcy plan proposed by Genesis creditors, as well as the proposed settlement between Genesis and the New York Attorney General regarding fraudulent schemes related to the Gemini Earn program.