NYAG
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As part of the settlement, Gemini is banned from operating crypto lending programs in New York.
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The distributions mark a 232% recovery from when withdrawals were halted in November 2022
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NYAG announced details about its settlement with bankrupt lender Genesis on Monday
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DCG and Silbert said the suit was an attempt to find a “headline-worthy scapegoat”
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Gemini “failed to prevent harm suffered by Earn program customers,” according to a NYDFS statement
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The hearings are expected to last for a couple of days as the court hears arguments for and against the bankruptcy plan proposed by Genesis
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The parent company of bankrupt lender Genesis filed an objection to its settlement agreement with the NYAG on Wednesday
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James’ office initially sued Gemini, DCG, CEO Barry Silbert and subsidiary Genesis in October
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The bankrupt crypto lender’s settlement proposal comes after it agreed to pay a possible $21 million as part of an agreement with the SEC last week
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KuCoin CEO Johnny Lyu said the settlement shows the exchange’s “commitment to compliant operations”
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In its third quarter shareholder letter, DCG gave updates on Grayscale, the NYAG suit and the Genesis creditor plan
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CoinEx agreed to settle with the New York Attorney General’s office after being accused of failing to register as a securities and commodities broker-dealer
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Today’s negative move across the crypto markets is likely a function of several factors, including regulatory risk pricing, Silvergate’s closure and enforcement actions, analysts say
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New York Attorney General Letitia James has also called on spurned crypto investors to reach out, signaling potential enforcement actions
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On the surface this program would appear to contradict terms set out in Tether’s user agreement, but Tether said that the over-collateralization of such loans wouldn’t be a problem
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