I mean they have and currently are. It would be nice if people stopped chasing returns on all this shit though. As if the speculative investment "number go up" bullshit isn't enough. No let's leverage and lend our assets amongst each other to get MOAR GAINZ. Then when it all impodes blame it on a clerical error of not clearly disclosing that some offerings may or may not be unregistered securities.

karma is a bitch

An archive of the article is here. An archive has no paywall, no subscription requirement, and can be easier to read.

Here is the press release from the SEC:

SEC Charges Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities through the Gemini Earn Lending Program https://www.sec.gov/news/press-release/2023-7