8.2 C
London
Sunday, February 5, 2023
HomeWinklevoss Slams SEC Charges Against Gemini As "Super Lame... Manufactured Parking Ticket"
Array

Winklevoss Slams SEC Charges Against Gemini As “Super Lame… Manufactured Parking Ticket”

Date:

Related stories

Paying The Bills. Elon Musk Expresses Regrets For Selling $30 Billion Of His Tesla Stock to Purchase Twitter.

The good news for Elon Musk is that he gained control of the rudderless Twitter social media app, what he refers to as the “town square of our time:  and who knows, maybe one day it will become a trillion-dollar company. The bad news for Musk appears ...

Apple’s Crash Detection Feature Triggers False 911 Calls At Ski Resorts

Apple's Crash Detection Feature Triggers False 911 Calls At Ski Resorts Apple's Crash Detection feature is causing severe headaches for emergency dispatchers around ski resort areas.  Skiers and snowboarders, with supported iPhone and Wat...

I Love The Fact That We Got Biden…

#shorts/”>short #valuetainment #pbdpodcast The post I Love The Fact That We Got Biden… appeared first on Valuetainment.

US To Open 4 New Sites In Philippines, Accelerating ‘Pivot To Asia’

US To Open 4 New Sites In Philippines, Accelerating 'Pivot To Asia' Authored by Kyle Anzalone & Connor Freeman via The Libertarian Institute, Washington and Manila are close to inking an agreement that would see four new American installa...

JPMorgan Warning: Israel Poses Higher Investment Risk

JPMorgan Warning: Israel Poses Higher Investment Risk In an internal memo posted on Thursday, JPMorgan warned that Israel presents a greater investment risk due to recent developments associated with the ascent of Benjamin Netanyahu's new ...
Winklevoss Slams SEC Charges Against Gemini As "Super Lame... Manufactured Parking Ticket"

Lost in all the focus on CPI-driven chaos in capital markets, The SEC charged cryptocurrency lending firm Genesis Global Capital and crypto exchange Gemini with offering unregistered securities through Gemini's “Earn” program.

As CoinTelegraph's Jesse Coghlan reported, in December 2020, Genesis, a subsidiary of crypto conglomerate Digital Currency Group (DCG) entered into a deal with Gemini to offer the exchange’s customers the yield-bearing crypto product. This was then launched in February 2021.

Under the agreement, Gemini customers could loan their crypto to Genesis under the promise the latter would repay the loan with interest. Genesis had full control over how it would earn a yield to repay Gemini creditors.

In a statement, the SEC said its complaint alleges that the Gemini Earn program constitutes an offer and sale of securities and should have been registered with the commission.

“We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors,” SEC Chair Gary Gensler said in a statement.

Gensler added the charges “build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws.”

“It’s not optional. It’s the law.”

The SEC said its investigating other securities law violations from other entities relating to the Gemini Earn program.

But, as Coghlan reported later in the day, Tyler Winklevoss, the co-founder of cryptocurrency exchange Gemini, hit back at the SEC charging Gemini, calling the action “totally counterproductive” in a series of tweets.

In a series of tweets on Jan. 12, Winklevoss shared his disappointment about the charges by the Securities and Exchange Commission (SEC) over Gemini’s “Earn” program, claiming the regulator was “optimizing for political points,” calling the allegations “super lame" and a “manufactured parking ticket.”

Gemini's Earn product launched in February 2021 and officially ran until Jan. 8. A deal with the crypto lender and Digital Currency Group (DCG) subsidiary Genesis allowed Gemini users to earn yield by lending their crypto to the market-making firm.

Tyler Winklevoss stated Gemini would defend itself against the unregistered security charges and would “make sure this doesn’t distract us from the important recovery work we are doing.”

Tyler Durden Fri, 01/13/2023 - 08:20

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here