
- Gemini co-founder Tyler Winklevoss called the Securities and Exchange Commissionโs (SEC) decision to charge the crypto exchange for selling unregistered securities โtotally counterproductiveโ and โsuper lame.โ
- Winklevoss claimed that Gemini has been in talks with the SEC about its Earn program for 17 months.
- The Winklevoss twin said he didnโt understand the urgency to press charges since the Earn program was de facto shut down two months ago.
Crypto exchange Gemini co-founder Tyler Winklevoss has responded to the U.S. Securities and Exchange Commission’s (SEC) decision to charge Gemini and Genesis with selling unregistered securities.
The Winklevoss twin posted a series of tweets an hour after the SEC announced the charges against the two companies. He called the regulatorโs decision โcounterproductiveโ and said the exchange would defend itself against โthis manufactured parking ticket.โ
1/ Itโs disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.
— Tyler Winklevoss (@tyler) January 12, 2023
โItโs disappointing that the SEC chose to file an action today as Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive,โ he said.
Winklevoss also said that Gemini has been discussing its Earn program with the SEC for 17 months.ย
Sponsored
โThey never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th. Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us. Super lame. Itโs unfortunate that theyโre optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors,โ Winklevoss said.
He said he didnโt understand the โpoint of urgency hereโ because the Earn program has been shut down for almost two months. Gemini officially ended its yield program on Wednesday.ย
โ[…] we will make sure this doesnโt distract us from the important recovery work we are doing,โ Winklevoss concluded. Gemini is still trying to retrieve over $900 million of customer funds stuck with Genesis, which reportedly has more than $3 billion in debts to its creditors.
On the Flipside
- Some are criticizing Gemini for putting all the blame on Genesis because they themselves actively marketed the Earn program.
- Others are blaming the SEC for allowing all of this to happen in the first place.
Why You Should Care
Gemini is one of the largest centralized crypto exchanges in the world. Now that itโs having legal issues, investors should consider moving their funds off of Gemini for the time being.
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