Crypto trading firm Genesis, a renowned crypto lender and lists among the top lenders in the world, is reportedly under the lens of regulators in the state of Alabama and other U.S. states. The state securities department is undertaking a careful look at aspects which also concern the “interconnectedness of crypto firms.”
According to reports, the Alabama Securities Commission is looking into the matter to determine if the crypto firm has violated securities laws by failing to file the proper registrations. Genesis is pursuing a capital raise of at least $500 million to fill its funding gaps.
Genesis does not directly serve individual investors, but it backs products offered by crypto companies such as Circle Internet Financial, which is the principal operator of the two largest stablecoins, USD Coin and Gemini. These products pay yield to customers who deposit cryptocurrencies on the platforms.
