Friday, April 12, 2024
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The Securities and Exchange Commission (SEC) has charged cryptocurrency exchanges Genesis and Gemini with selling unregistered securities in violation of federal law. The SEC alleges that both exchanges offered and sold digital asset securities without registering the offerings with the SEC, and without qualifying for an exemption from registration. If found guilty, the exchanges could face significant fines and penalties, and may even be forced to shut down operations. The charges come as regulators around the world are increasing their scrutiny of the cryptocurrency industry, and highlight the need for greater oversight and regulation in the space.

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