Tyler Winklevoss Calls SEC Lawsuit Against Gemini Politically Motivated
In a series of tweets, Gemini co-founder, Tyler Winklevoss, slammed SEC for filing a lawsuit against his crypto exchange. Earlier, the US SEC announced that it was suing Gemini and Genesis for allegedly offering unregistered securities.
Tyler Winklevoss, one half of the Winklevoss twins, thinks SEC’s lawsuit against Gemini and Genesis at this time is counterproductive in helping Earn users get their funds.
Tyler Winklevoss slams SEC lawsuit as politically motivated
In a Twitter thread earlier today, Tyler Winklevoss said that the SEC’s behavior is counterproductive and it would do nothing to help Earn users get their assets back.Winklevoss further slammed SEC saying despite the ongoing conversations they decided to reveal the lawsuit to the press without notifying them.
“It’s unfortunate that they’re optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors,” he added.
In the series of tweets, Winklevoss also mentioned that the Earn program has been shut down for 2 months and he doesn’t see any point of urgency.
SEC alleges Gemini’s Earn program is security
SEC has alleged that Gemini’s Earn program, supported by Genesis’ lending activities, should have been registered as a security. In its complaint against Gemini and Genesis, SEC claims that the Earn program includes both an investment contract and a note. According to the SEC’s guidelines, these two features make the Earn program a security.
SEC has filed a lawsuit seeking permanent injunctive relief, disgorgement, and civil penalties against both Genesis and Gemini.
Gemini and Genesis have been at crossroads over $900 million in customer assets that Gemini entrusted to Genesis as part of the Earn program. However, when Genesis shut down its withdrawals after FTX collapse, freezing Earn program’s customers’ funds as well.
Tyler Winklevoss concluded by saying that they look forward to defending themselves against this “manufactured parking ticket.”
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
