Gemini Updates Earn Update: Negotiating Program Support Agreement, Signing Will Set Key Dates for Rest of Genesis Bankruptcy Proceedings

Cryptocurrency exchange Gemini updated Earn product updates, stating that it is continuing to negotiate a plan support agreement (PSA), which, when signed, will set key dates that must be met for the remainder of Genesis’ bankruptcy proceedings. Gemini stated that returning users’ assets is its top priority and work is ongoing. In January, the U.S. Securities and Exchange Commission (SEC) charged Gemini and Genesis with an unregistered offering and sale of securities to retail investors through its “EARN” loan product. Genesis and Gemini raised billions of dollars worth of crypto assets from hundreds of thousands of investors, the SEC said. Since then, Genesis has filed for Chapter 11 bankruptcy filings, listing assets and liabilities of Genesis Global Capital estimated at between $1 billion and $10 billion.