Genesis is a cryptocurrency intermediary for institutional investors, with Digital Currency Group (DCG) as its parent company.

[citation needed] Genesis filed for Chapter 11 bankruptcy on January 19, 2023, to request court protection to reorganize its digital assets lending and borrowing business.

[3] Genesis' business consists of entities that provide trading, lending, and custody digital assets, targeting institutional clients and high-net-worth individuals.

[5] In early July 2022, Genesis' parent company Digital Currency Group (DCG) took on some of Genesis' debts to keep the company afloat after it was left exposed to losses from loans made to Singapore-based crypto lender Babel Finance and the bankrupt crypto hedge fund, Three Arrows Capital (3AC).

The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains plus prejudgment interest, and civil penalties against both Gemini and Genesis.

The company stated that its derivatives and spot trading business were not a part of the bankruptcy filing and continue operating.