Today, the Securities and Exchange Commission (SEC) initiated a halt-and-penalty action against Digital Currency Group (DCG), imposing a penalty of $38 million on the company. Additionally, the SEC has penalized the former CEO of Genesis, Soichiro “Michael” Moro, to the tune of $500,000.
This is potentially the SEC’s last enforcement action before Gary Gensler resigns next week.
SEC Finally Settles with DCG
Recently, Digital Currency Group (DCG) has faced significant hurdles over the past year, and the latest legal action from the Securities and Exchange Commission (SEC) is adding to their troubles. In fact, the SEC has taken steps today by filing a comprehensive cease-and-desist order against DCG as a whole entity, along with a separate order specifically reprimanding its former CEO, Michael Moro, for specific actions.
As an analyst, I would rephrase the statement as follows: “In my professional assessment, it is fitting and in the best interest of the public to enforce the sanctions outlined in Digital Currency Group’s Offer. Therefore, I am declaring that… [DCG] must halt and refrain from any actions that violate the Securities Act, and they are obligated to pay a civil penalty totaling $38 million.
The Securities and Exchange Commission (SEC) imposed a $500,000 fine on Moro, alleging that he, along with DCG, deceived investors. However, no criminal penalties were specified in the SEC’s case documents for these offenses, but they serve as a clear warning.
Despite the fact that Gary Gensler’s term as SEC Chair is coming to an end in just two days, it’s worth noting that ETF analyst Eric Balchunas has referred to a recent effort as “the last hurrah.” This indicates that Gensler, who has expressed strong reservations about the crypto industry throughout his tenure, seems to feel this move is a final attempt or effort.
Brad Garlinghouse, the CEO of Ripple, has criticized someone for prolonging a case with the Securities and Exchange Commission (SEC), and it seems like he’s initiating another line of criticism towards Digital Currency Group (DCG) now.
Essentially, predicting the state of the ongoing dispute between the SEC and DCG a week from now is quite challenging since their commissioners are working towards creating a more crypto-friendly environment, which could involve reducing prosecutions. However, this shift might just be their way of expressing frustration before things settle down.
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2025-01-17 20:58