Barron’s, the news division of the Dow Jones financial services company, reported Friday that the director of the Alabama Securities and Exchange Commission, Joseph Borg, is investigating the conduct of Genesis Global to determine whether it violated securities laws. – and according to him, he is working in cooperation with other regulators from other states in the US who are examining the same suspicion in what is known as a “large-scale investigation” regarding the “reciprocal relationships” in the crypto industry.
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This is a complicated matter, since the company Genesis did not offer its services to consumers in the US – or in any other country, for the sake of accuracy. Genesis does not work with private investors, but with crypto companies that want to offer their users certain investment services – those in which the user deposits coins of a certain type for investment at the company’s discretion in exchange for a promise of a higher annual interest rate than that offered by any ‘traditional’ investment. The other companies offer the service to consumers, so it is not at all clear whether or who should be licensed to offer such investment services in the various countries in order to provide them to their residents.