Key Points

The Securities and Exchange Commission alleged in a complaint that crypto firms Gemini and Genesis offered and sold unregistered securities.

It's the latest in a series of recent enforcement actions initiated by SEC chair Gary Gensler since the collapse of FTX in November.

Gemini, founded by the Winklevoss twins, and Genesis, owned by Barry Silbert's Digital Currency Group, have been in a battle over the fate of $900 million worth of customer funds.

The Securities and Exchange Commission on Thursday charged crypto firms Genesis and Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors.

Gemini, a crypto exchange, and Genesis, a crypto lender, partnered in February 2021 on a Gemini product called Earn, which touted yields of up to 8% for customers.