The settlement agreement reached between Genesis and the U.S. SEC has been approved by the court

On February 27th, according to Blockworks, the bankrupt crypto lending institution Genesis has obtained court approval for a settlement agreement reached with the U.S. Securities and Exchange Commission (SEC). As there were no objections raised against the settlement reached between the SEC and the bankrupt crypto lending institution, the judge approved it as a "fair settlement." The settlement agreement submitted to the court earlier this month with the SEC could lead to Genesis paying up to $21 million in compensation. However, this amount depends on the repayment situation of creditors. The securities regulator filed a lawsuit against the bankrupt crypto lending institution in January last year, accusing Genesis of pooling assets from Gemini Earn with funds from other clients. Gemini and Genesis collaborated on launching the Gemini Earn product.