Discussion

• @tyler Tyler Winklevoss on x

  1/ It's 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.

• @garygensler Gary Gensler on x

  We @SECGov charged Genesis & Gemini for the unregistered offer & sale of crypto asset securities through Gemini Earn. Crypto intermediaries need to comply with our securities laws. This protects investors. It promotes trust in markets. It's not optional. It's the law.

• @reptomemmer Tom Emmer on x

  .@GaryGensler is once again late to the game, “protecting” no one. Quite clear that his political “regulation through enforcement” strategy hurts everyday Americans. https://twitter.com/...

• @katie_martin_fx Katie Martin on x

  How it started etc ICYMI https://www.ft.com/... https://twitter.com/...

• @edzitron Ed Zitron on x

  https://www.sec.gov/... the SEC has charged Gemini with selling unregistered securities - specifically Gemini Earn which offered interest on your crypto - and they are boned. This is a straightforward case. They can shine on twitter but it won't do anything. https://twitter.com/.…

• @michel_delving Michel Delving on x

  SEC files case vs Gemini and Genesis, says their “Gemini Earn” program constituted an unregistered securities offering Accuses Gemini and Genesis of illegally raising *billions* of dollars from US retail investors Text here: https://www.sec.gov/... Winklevii may be In Too Deep

• @freddyriz Fred Rispoli on x

  Upon a deeper dive, there is one mention on paragraph 19 that “courts” have found “crypto assets” to constitute investment contracts. But as I initially stated, the overwhelming focus is on the Earn program and not the underlying crypto in the program. Think GBTC shares...1/2 htt…

• @freddyriz Fred Rispoli on x

  Interesting. I caution I only spent five minutes looking at it, but @SECGov complaint against Gemini and Genesis alleges securities violations over the “Genesis Earn Agreements” and does NOT allege any cryptos themselves are securities. https://www.sec.gov/...

• @johnreedstark John Reed Stark on x

  What I cannot understand is that if @Gemini is selling securities (as alleged), and receiving transaction-based compensation (as alleged), which is an SEC hallmark of broker-dealer behavior, then why didn't @SECGov charge Gemini with failing to register as a broker-dealer? https:…

• @erikvoorhees Erik Voorhees on x

  “We've charged the Titanic with an unregistered iceberg encounter in order to protect its passengers.” https://twitter.com/... https://twitter.com/...

• @matigreenspan Mati Greenspan on x

  How does charging Gemini protect investors? The money you will fine them will fill your greedy coffers and decrease their solvency harming investors and market confidence. This is flagrant corruption. https://twitter.com/...

• @apartovi Ali Partovi on x

  “'Super lame,' said Tyler Winklevoss.” (Actual quote, facing federal prison time.) https://www.theblock.co/...

• @mdudas Mike Dudas on x

  would be cool if gary and the sec “put the seatbelts in the cars” before they crashed instead, they were too busy meeting with sbf to drum up anti-crypto, anti-defi rules that would protect no one https://twitter.com/...

• @keubiko @keubiko on x

  Just amazing what a hollow shell @SEC_Enforcement has become, such that the subjects of their enforcement actions just openly mock and dunk on them. I had thought Musk's antics were the peak but plenty of other dildos are stepping into the ring. @GaryGensler https://twitter.com/.…

• @ap_abacus Andrew on x

  Now imagine DCG/Genesis attempting to raise $1B in a capital raise with this at the tip of the iceberg. ZERO chance it was ever going to happen. ZERO. https://twitter.com/...

• @jeffjohnroberts Jeff Roberts on x

  Recall Coinbase tried to set up an Earn program of its own but SEC threatened them not to do SEC's policy is misguided but very prudent of @coinbase not to charge forward

• @johnreedstark John Reed Stark on x

  The SEC: Hit BlockFi for failing to register its crypto-lending program; Stopped Coinbase from launching its crypto-lending program; and Just hit Gemini/Genesis's for its Earn crypto-lending grift. Buckle up: An SEC regulatory onslaught is just beginning. https://www.sec.gov/... …

• @adamscochran Adam Cochran on x

  Don't worry though, I'm sure that the gaping hole this lawsuits leave and forcing DCG to face their debts will lead to a totally gentle unwind of the trusts and a shit ton of large selling...

• @dogetoshi Steven on x

  SEC charging Gemini and Genesis AFTER users lose their funds is like OpenSea blacklisting an NFT after a hacker sell it.

• @mayazi Maya Parody on x

  Honestly, the burden is on Gary...hindsight is very SEC Maddoff like They're supposed to prevent these situations, not revel in the PR https://t.co/YRVAjOmDPb

• @doombergt @doombergt on x

  “Investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing.” https://www.sec.gov/...

• @migueldeicaza Miguel de Icaza on x

  The twins believed in magic unicorns that created money, and they got sued along the magic unicorn: https://www.sec.gov/...

• @jeffhauser Jeff Hauser on x

  SEC is suing company Larry Summers spent more than six years as an official “Board Advisor” for violating Sections 5(a) and 5(c) of the Securities Act of 1933. Will reporters ask him about his involvement? https://www.sec.gov/... https://twitter.com/...

• @hsakatrades @hsakatrades on x

  SEC Suing Genesis & Gemini. Mentions in the court filing: Winkelvii: 2-3 Barry: 0 https://t.co/U2cqS8x7ye https://t.co/Rrh1SYUIZT