Bankrupt Genesis Global Capital LLC has agreed to pay a $21 million civil penalty to settle charges with the U.S. Securities and Exchange Commission (SEC). The charges were related to the unregistered offer and sale of securities through its crypto asset lending program, specifically the Gemini Earn program. This settlement comes after the firm's November 2022 decision to suspend withdrawals, affecting 340,000 customers and $900 million in assets. The SEC announced that a portion of the penalty would be used to compensate affected investors. Additionally, the settlement includes a permanent injunction against Genesis. A federal judge has signed off on the settlement, which stipulates that Genesis will prioritize the payment of bankruptcy claims before settling the penalty. Genesis has neither admitted nor denied the SEC's findings as part of the settlement agreement.