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Genesis Agrees to $2 Billion Settlement with NY Attorney General

Genesis, a major player in the cryptocurrency lending space, has reached a landmark $2 billion settlement with the New York Attorney General’s office. This agreement comes as part of a broader effort to address regulatory concerns and ensure compliance within the burgeoning crypto industry.

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Genesis, a major player in the cryptocurrency lending space, has reached a landmark $2 billion settlement with the New York Attorney General’s office. This agreement comes as part of a broader effort to address regulatory concerns and ensure compliance within the burgeoning crypto industry.

The settlement, one of the largest in the cryptocurrency sector’s history, aims to resolve allegations that Genesis engaged in unregistered lending and trading activities. The New York Attorney General’s office accused Genesis of failing to comply with state regulations, potentially exposing investors to significant risks.

In a statement, New York Attorney General Letitia James emphasized the importance of regulatory compliance in the rapidly evolving cryptocurrency landscape. “This settlement underscores our commitment to enforcing the law and protecting investors. Companies operating in the cryptocurrency space must adhere to the same rules as traditional financial institutions,” said James.

As part of the settlement, Genesis will not only pay the $2 billion fine but also implement extensive compliance measures to prevent future violations. These measures include regular audits, enhanced transparency, and stricter adherence to regulatory requirements. Additionally, Genesis will provide restitution to affected investors, ensuring they are compensated for any losses incurred due to the company’s past practices.

Genesis’ CEO expressed the company’s commitment to moving forward and strengthening its compliance framework. “We are dedicated to upholding the highest standards of regulatory compliance. This settlement allows us to put these issues behind us and focus on our mission of providing secure and reliable cryptocurrency services,” the CEO stated.

The settlement with Genesis marks a significant victory for regulators and serves as a cautionary tale for other cryptocurrency firms. It highlights the increasing scrutiny on the crypto industry and the need for robust compliance programs to navigate the complex regulatory environment.

In summary, Genesis’ $2 billion settlement with the New York Attorney General represents a pivotal moment in the regulation of the cryptocurrency industry. It reinforces the necessity for crypto companies to adhere to regulatory standards and demonstrates the authorities’ commitment to protecting investors and maintaining market integrity.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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