Digital Currency Group (DCG), a prominent player in the cryptocurrency industry, on Friday agreed to settle with the U.S. Securities and Exchange Commission (SEC) for misleading investors.

What Happened: DCG, founded by Barry Silbert, and its former executive, Soichiro “Michael” Moro, will collectively pay $38.5 million to the SEC. This settlement is to resolve charges of providing false information about the financial state of Genesis Global Capital, a crypto lending unit once under DCG.

The SEC found that DCG and Moro misrepresented Genesis’s financial condition during a period of instability caused by the collapse of FTX in 2022. This included downplaying the impact…

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