Washington, D.C. — In response to the Securities and Exchange Commission’s lawsuit against cryptocurrency companies Genesis and Gemini for an illegal crypto-lending program on Thursday, the American Economic Liberties Project released the following statement.

“Gary Gensler is continuing to hold powerful corporations accountable for their wrongdoing, and his aggressive enforcement of the law is a prime example of how strong regulators are key defenders of the public good,” said Shahid Naeem, Policy Analyst at the American Economic Liberties Project. “The SEC has repeatedly warned crypto lenders that it will take action against the illegal peddling of unregistered securities. Genesis and Gemini chose to ignore that warning, taking billions from investors and holding the money hostage. The Commission’s action today once again sends a clear message that financial markets are not the Wild West, and crypto firms are not above the law.”

Learn more about Economic Liberties here.

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The American Economic Liberties Project works to ensure America’s system of commerce is structured to advance, rather than undermine, economic liberty, fair commerce, and a secure, inclusive democracy. Economic Liberties believes true economic liberty means entrepreneurs and businesses large and small succeed on the merits of their ideas and hard work; commerce empowers consumers, workers, farmers, and engineers instead of subjecting them to discrimination and abuse from financiers and monopolists; foreign trade arrangements support domestic security and democracy; and wealth is broadly distributed to support equitable political power.