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Tyler Winklevoss, co-founder of crypto exchange Gemini, has accused regulators of accusing the exchange of issuing unregistered securities, calling the allegations extremely inconvenient. ‘ and called it a ‘forged parking ticket’.
In a series of tweets on Jan. 12, Winklevoss shared his disappointment over the accusations from the Securities and Exchange Commission (SEC) about Gemini’s “earn” program, arguing that regulators are “politically optimizing.” I claimed.
He called the SEC’s action “totally counterproductive” and said Gemini had been discussing the Earn program with regulators for “over 17 months.”
2/ As a matter of background, the Earn program is @NYDFS We have also been in discussions with the SEC about the Earn program for over 17 months. They didn’t raise the possibility of enforcement action until after Genesis suspended withdrawals on November 16.
Tyler Winklevoss (@tyler) January 12, 2023
“Until Genesis suspended withdrawals on November 16, they never raised the possibility of enforcement action,” Winklevoss added.
Gemini’s Earn product launched in February 2021 and officially ran until January 8th. An agreement with Genesis, a cryptocurrency lender and subsidiary of the Digital Currency Group (DCG), allows Gemini users to lend their cryptocurrencies to market-making companies for yield.
RELATED: Genesis tells clients financial troubles need more time after Gemini calls for action
In early November, Genesis revealed that about $175 million was hoarded by the now-bankrupt FTX exchange. DCG sent him $140 million to the company to bolster its balance sheet, but by Nov. 16, Genesis stopped withdrawals, citing his FTX bankruptcy.
Genesis owes 340,000 Gemini, and according to an open letter from Gemini co-founder Cameron Winklevoss, users are earning $900 million.
Tyler Winklevoss said Gemini defended itself against the unregistered security charge, saying, “We don’t want this to distract us from the critical recovery work we’re doing.”
