The settlement agreement between Genesis and the US SEC was approved by the court

Bankrupt cryptocurrency loan institution Genesis has reached a settlement agreement with the US Securities and Exchange Commission (SEC) which has been approved by the court. Since there was no objection to the settlement agreement reached between the US Securities and Exchange Commission and the bankrupt cryptocurrency loan institution, the judge approved it as a "reasonable settlement". The settlement agreement with the US Securities and Exchange Commission submitted to the court earlier this month may result in Genesis paying up to $21 million in compensation. However, the amount depends on the repayment situation of the creditors. The securities regulator filed a lawsuit against the bankrupt cryptocurrency loan institution in January last year, accusing Genesis of pooling assets of Gemini Earn with funds from other clients. Gemini and Genesis collaborated to launch the Gemini Earn product.