Finally, it happened. After months of knowing it was headed that way it finally finally happened. Genesis filed for bankruptcy. The saga is finally over and I would argue there was no better outcome for the crypto market then than for Genesis Trading to file now.
Why do I see it this way? It's not even from the bad actor's perspective but getting rid of bad actors is a huge plus nonetheless. What this has done though that I think is even bigger than that is it has ended the uncertainty in the industry. This was a huge company and part of the enormous empire that was Digital Currency Group and because it was so big and everyone knew it was in distress news like that will hang over an industry. Now that cloud is gone.
Users are facing another issue with bankruptcy and it has a large reach within not only the US but abroad (USDC's creator Circle was a large client along with the Gemini). I am sure that this is going to be like others and take months as well. I also think it was important that no one tried to buy them out or lend them money. If you had previously asked me I would have banked on Binance doing something. Binance has more or less seemed to be trying to at least position themselves to be thought of as the savior for the industry and so saving a titan like this would have been right up their alley. Even they though seemed to see the writing on the wall and pass on it instead giving them the possibility of possibly buying them out for pennies on the dollar in bankruptcy.
In general, it is good that this is cleared up and that this should mark the beginning of the end for major bankruptcies in my opinion. Crypto has rallied and has maintained this rally in the face of confusing economic data, Federal government actions, and Banks like the Fed doing their Fedish things.
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