Genesis' $2B Settlement with NY Attorney General; SEC to Decide on Ether ETFs; Bitcoin May Surge
Summary:
After reaching a $2 billion settlement with the New York Attorney General, crypto firm Genesis has been barred from operating in New York. Meanwhile, Bitcoin could see a serious price surge with a breakthrough above the crucial $67,500 mark, according to the head of research at 10x Research. Furthermore, the U.S. SEC is to vote on the approval or denial of spot Ether ETFs, a decision that could come down to a single vote from the SEC Chair.
Genesis, a crypto company, has come to an agreement with the New York Attorney General for a $2 billion settlement. Markus Thielen, a researcher, suggests that Bitcoin could potentially experience a significant price surge soon. The fate of spot Ether exchange-traded funds (ETFs) approval or rejection may be determined by a U.S. Securities and Exchange Commission (SEC) five-member panel, with Gary Gensler possibly casting the decisive vote.
New York's Attorney General, Letitia James, disclosed that her office has completed a $2 billion settlement process with the crypto company Genesis. The settlement was confirmed by a bankruptcy court, as stated on May 20. This arrangement sees Genesis return the funds to its investors, and consequently being prohibited from operating within New York State.
James indicated that Genesis had deceived and defrauded investors, who had pumped in $1.1 billion into the platform via the Genesis Earn initiative. Derar Islim, the acting CEO of Genesis, expressed satisfaction at the settlement, noting that their objective all along had been to maximize creditor value.
The legal action against Genesis, initiated in October 2023, was later extended to encompass the Digital Currency Group, its CEO Barry Silbert and former Genesis CEO Soichiro Moro.
As per 10x Research, Bitcoin's price may begin marching towards record-breaking highs if it surges beyond the critical $67,500 mark conclusively. Thielen's report on May 20 suggested that this level is a pressing resistance line for Bitcoin, underpinning its future price points.
In the aftermath of Bitcoin's significant bounce back above the $66,000 mark, its value has increased by over 7.3% over the last week, as reported by TradingView.
The verdict of spot Ether ETFs might be decided this week by a sole vote from SEC Chair Gensler, taking cues from past scenarios. In January, spot Bitcoin ETFs were given the green light by a five-member commissioner panel. Commissioner Gensler also voted in favor, tipping the scales towards the approval with a 3-2 outcome.
The same grouping of five SEC commissioners are next due to deliver their decision on VanEck's spot Ether ETF on May 23.
Geraint Price, Sam Bourgi and Felix Ng contributed to the additional reporting.
Published At
5/20/2024 8:35:54 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.