Gemini Financial News

Cryptocurrency exchange Gemini has filed a reply brief in response to a lawsuit initiated by the United States Securities and Exchange Commission (SEC). The lawsuit, which is being heard in the U.S. District Court for the Southern District of New York, alleges that Gemini's service, Gemini Earn, violated securities regulations by offering «unregistered securities.»

Creditors of crypto lender Genesis and its parent company the Digital Currency Group (DCG) have opposed a proposed settlement deal leveling accusations of voter manipulation.

The chairman and chief executive of Australia’s biggest smash repair chain, AMA Group, are leaving after a tumultuous period of pressure on earnings and the balance sheet.

Crypto exchange Gemini has objected to Genesis' bankruptcy resolution proposal, claiming that the plan lacks necessary specifics and fails to offer adequate assurances to its major debtors. 

Bankrupt crypto lender BlockFi has filed a motion for order in the US bankruptcy court for the District of New Jersey, seeking permission to convert "trade-only" wallet assets into stablecoins, “that wallet users could then withdraw.”

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Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The plan could lead to a recovery of about 70%-90% in US dollar equivalent for unsecured creditors and about 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, according to the filing in the US bankruptcy court in the Southern District Of New York. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February.DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager.

The United States Internal Revenue Service (IRS), which is responsible for tax collection in the United States, has released proposed regulations on the sale and exchange of digital assets by brokers. Under the rules, brokers would be required to use a new form to simplify tax filings and cut down on tax cheating. According to the U.S. Treasury, the regulations bring digital asset reporting into line with reporting on other types of assets. 

In Gemini's latest «Weekly Market Update» released on August 11, 2023, several significant developments were highlighted in the cryptocurrency industry, marking a week filled with innovation and collaboration.

Gemini, a leading U.S.-based exchange, has unveiled a limited-time giveaway of 4,000 XRP tokens each day. The announcement, made via an official tweet that reads, «We’re giving away 4,000 XRP! Every day at 3pm EST. Introducing: The XRP Faucet,» has already seen its first giveaway close just two hours after being made public.

The Winklevoss twins' crypto exchange Gemini has filed a response to the US Securities and Exchange Commission (SEC) lawsuit, seeking the dismissal of allegations over unregistered securities.

Coinbase, a leading crypto exchange, published a report titled 'United States of Crypto: New York' on August 8, 2023. According to the report, the swift adoption of crypto and web3 technologies in the state, with nearly one-fifth of New Yorkers owning cryptocurrency, signals a promising future for crypto in New York.

Cryptocurrency exchange Gemini has filed a reply brief as part of its effort to dismiss the lawsuit it is facing against the United States Securities and Exchange Commission (SEC).

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Digital Currency Group (DCG) has filed a motion to dismiss Gemini's lawsuit, claiming fraud by the company and its founder, Barry Silbert, through DCG's subsidiary, Genesis, which held funds for Gemini's Earn program.

Crypto users have reported seeing “wonky” prices for Ripple’s XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading.

Venture capital firm Digital Currency Group (DCG) has filed a motion to dismiss a lawsuit brought by cryptocurrency exchange Gemini that alleged fraud related to its Earn program.

Cryptocurrencies are considered securities regardless of how they are sold, a Manhattan federal judge said in an opinion, allowing the Securities and Exchange Commission to pursue securities charges against Terraform Labs and its founder Do Kwon.

Digital Currency Group (DCG), the crypto conglomerate led by Barry Silbert, has appointed Mark Shifke as its new chief financial officer (CFO). 

United States banking advocacy group, the Bank Policy Institute (BPI), has backed the legislation of Senator Elizabeth Warren, a vocal crypto critic, which calls for more transparency in digital assets to combat financial crime.

sunflower oil and wheat are on the rise in India after Russia suspended a deal that allowed export of commodities from war-torn Ukraine through the Black Sea.Soyabean oil, too, is turning expensive, as dry weather in the US has impacted soyabean production in the country, a top producer and exporter of the beans. Shipments of sunflower oil to India have stopped after Russia on July 17 said it was pulling out of the year-old deal that allowed shipments of grains and other foodstuffs to move past the Russian naval blockade in the Black Sea. To make matters worse, over the next two days, Russia bombed the Ukrainian grain port of Odesa, reportedly destroying more than 60,000 tonnes of grain. India imports sunflower and soyabean oils to meet domestic demand. Since the suspension of the deal, sunflower oil prices have risen by almost 8%. “Prices of both sunflower and soyabean oils have started moving up,” said Sandeep Bajoria, Bajoria, CEO of Sunvin Group, a vegetable oil brokerage and consultancy firm. “If Russia does not extend the grain deal, then prices of sunflower oil go up further. On the other hand, dry weather conditions in the US have driven up the prices of soyabean oil by 5% in the last week.”