SEC Says Gemini & Genesis Sold Unregistered Securities – 234

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U.S investors entrusted with their Crypto Gemini generated yield on Billions of dollars in crypto by loaning Deposits to Genesis which loaned them Out again but Genesis November Genesis Is November closing of lending Withdrawals left some 340 000 Gemini Earned customers and about 900 million Dollars in crypto limbo the SEC said Genesis is owned by digital currency Group which also owns coindesk which is Where we're actually reading this Article from the regulator accused the Popular program of being an unregistered Security quote defendants offered and Sold the Gemini earned agreements Through the Gemini earned program Without register during end quote with Securities regulators and the complaint Said As a result investors lacked material Information about the Gemini earned Program that would have been relevant to The investment decisions the lawsuit is The latest twist in high-stakes CEO Battle pitting the Winklevoss twins of Gemini against Barry silbert head of the Dcg the Winklevoss twins shaken by the Fall of their popular yield product have Accused silbert a fraud in his company's Management of Genesis silbert the calls The brothers accusations of publicity Stunt the lawsuit is a manufactured Parking ticket said Gemini co-founder

Tyler Winklevoss responding in a Twitter Thread he noted that his company had Been in discussions with the SEC over The earned product for nearly 17 months And the agency never raised the prospect Of any enforcement action until after Genesis paused withdrawals on November 16th well obviously If you're going to have withdrawals Paused right it's going to bring into Question all of these earned programs And saying that you have been talking to The SEC when we know for a fact that SPF The basically the cause to all of the Troubles within crypto recently was also Discussing regulations with the SEC Means Jackal nobody cares that you were Talking to the SEC because as we know as The public knows the SEC is just as Corrupt as every single other entity That is trying to regulate Cryptocurrency in their favorite this Time and basically participating with Them with traditional finance and Basically giving them all of your inside Tips on how to make extra money and Money launder through Giftings to Ukraine and then back into Investing into FTX holds like basically No water right you are essentially Saying well we were working with the mob And therefore we hope that the mob Doesn't turn against us sorry but the Mob turns against you that's the way

This works out you get in trouble right It's not like the mob the mob boss is Like yo like you did some crap and now You're going to prison uh or where you Know now I'm just going to go ahead and Protect you no that's not the way that Happens you get in trouble now you were Working with them but guess what you Were the one that is caught red-handed So you're the one that gets in trouble That's the way this works out so Obviously this puts it in a favorable Light because of the relationship Between coindesk and of course Genesis And Gemini and at the end of the day Like we've talked about this for a very Very long time the the only thing that a Centralized exchange should be doing is Enabling users to basically convert from Right essentially in any custodian Really right like a custodian like this It might be a little bit different but You're basically you're you're not Self-custing in gemini or Genesis for The most part right Usually so there's obviously we have Relations between uh I believe it was Gemini that was the uh custodian for Block fi a lot of these different Companies right there are relations Between all of them And you can't We can't have a position where The funds aren't there purely for the

Purpose of exchange the only the only Thing that an exchange should be Profiting off of is fees for the Transaction to convert from the new Future of digital currency into the past Of course uh system of fiat currency That is pretty much that's what you get Paid for as an exchange as a custodian You can get paid for fees for doing that As soon as you start manipulating the Money and and play and the Cryptocurrency along with the Fiat System and playing these number games With urns and stuff I mean it doesn't Look good right and I think like as far As like my perspective has always been To be very cautious around these I I had A little bit in Block fi when I was Testing out the platform when I was Interviewing them for potential Sponsorship ended up obviously not going With it but we did talk about them a Little bit Um the reason we didn't go with them was Because obviously it kind of at the end Of the day when I looked at it Fundamentally it didn't align Fundamentally with the principles of Cryptocurrency so if you can start to Get yourself in a position where you Understand those principles you can Start to get into a position where at Least you protect yourself a little bit More there are other places where

Clearly I have failed um but where we Have ended up maintaining a pretty clean Slate is within these types of Endeavors Right and it gets extremely tricky I Think for a lot of content creators too With these sponsorships so I wouldn't Throw any shade at any particular uh Cryptocurrency Channel or anything or Influencer that did take sponsorships The ability for a lot of people Especially in a bull run to see past the Dollar sign in Fiat value is is high Right and what that means is like Obviously like like when greed starts to Take control over that you can be in a Position where you are blinded to the Potential risks of Any Given project Right and that falls in line with pretty Much anything uh in life right anytime You start to get blinded by that Potential revenue or that potential big Gain you can end up in a position where You compromise your morals principles And values and ethics and so on and this You can see this across the industry as A whole right so There are potentials where people there Is potential right where you extend a The olive branch and say okay I get it You didn't see that happening it wasn't Intentional or so on and and I think Intention is really what should play A A Part in here Um but you know it's it's hard to

Believe people as well so I I get that Perspective and a lot of people are Hurting Um my goal obviously with the channel is To be as careful surrounding that as Possible for you guys but we all make Mistakes right thanks for checking out This clip from the crypto mining show You can check out the full episode here Or more crypto content down here also I'd like you to check out my locals page At son of a tech.locals.com where you Can become a member for free or choose To be a five dollar a month supporter That unlocks additional content

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