Home > NEWS > Former SEC Chief Reveals: Regulators Knew Genesis Was Insolvent Since 2022

Former SEC Chief Reveals: Regulators Knew Genesis Was Insolvent Since 2022

As per an Ex-SEC chief, U.S. regulators delayed pressing charges against Gemini & Genesis even after knowing about its issues since 2022.

On Jan. 12, the Securities and Exchange Federation (SEC) filed a lawsuit against Genesis, a digital asset management group, and Gemini, a login password trading center created by the Winklevoss twins. But, surprisingly, Lisa Braganza, a former SEC inspector, declared that the financial regulator was better aware of the product "but it allows it to stick to it".

The American Securities and Exchange Federation has known since 2022

In a television interview on CNBC's Squawk Box program, Lisa Braganza, a former subsidiary of New York's SEC law enforcement agency, mentioned SEC's complaint against Genesis&Gemini and the phenomenon surrounding the case. According to Lisa, regulators have been investigating Gemini's data encryption credit products for a long time, but still allow hidden deceptive practices to proceed smoothly.

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She then explained that SEC did not take action in its talks with Gemini, even after the collapse of the password market in November 2022 and Cancer stopped placing orders with customers. In addition, she noted that "two more months had passed" before taking any action, as Cancer submitted a response in another case, which was actually a class action against Cancer that was unable to pay again according to its unique income goods.

The source quoted the former branch governor as saying:

The American Securities and Exchange Federation has established for years that a profit scheme like this is a kind of securities, so it is strange why they did not reach a solution to the problem long, two months ago and a few months ago.

Genesis-Gemini

Brahanza feels that many people are playing online games of evasion of responsibility, starting from Meher Sedabet, CEO of Genesis's parent company, Digital currency Group (Digital Currency Group,DCG), but also including Winklevoss buddies; they rely on Cedar's confidence in Genesis's capital adequacy ratio, rather than analyzing it beforehand. What further puzzles the former SECCEO is that from around June 2022, the government has known that Genesis, a leading digital currency trader, is opening up the market in the United States in the form of capital adequacy ratios.

In addition, she claims that the data encryption company owes his customers, especially when they deal with huge assets-especially his customers' money.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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