Tyler Winklevoss, the co-founder of cryptocurrency exchange Gemini, gave his take on the Jan. 12 unregistered security offering charges the exchange received from a United States regulator, calling them “super lame” and a “manufactured parking ticket.”
In a series of tweets on Jan. 12, Winklevoss shared his disappointment over the earlier charges from the Securities and Exchange Commission (SEC) regarding Gemini’s “Earn” program claiming the regulator was “optimizing for political points.”
He called the SEC’s action “totally counterproductive” and said Gemini had been discussing the Earn program with the regulator “for more than 17 months.”
2/ As a matter of background, the Earn program was regulated by the @NYDFS and we’ve been in discussions with the SEC about the Earn program for more than 17 months. They never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th.
— Tyler Winklevoss (@tyler) January 12, 2023
“They never raised the prospect of any enforcement action until AFTER Genesis paused withdrawals on November 16th,” Winklevoss added.
He 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.”
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