‘Super lame,’ says Gemini co-founder Tyler Winklevoss of SEC charges

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The new charges against crypto platforms Genesis Global Capital and Gemini Trust Co. by the Securities and Exchange Commission are disappointing, Gemini co-founder Tyler Winklevoss said in a Twitter thread late Thursday.

Earlier Thursday, the SEC accused Genesis and Gemini of engaging in the offering and selling of securities of unregistered crypto assets through Gemini Earn, a violation of securities laws.

This protects investors. It promotes confidence in the markets. It is not optional. It’s the law, tweeted SEC Chairman Gary Gensler.

In response, Winklevoss said the action was disappointing and the SEC’s behavior was completely counterproductive as the platform and other creditors worked hard to return the funds.

Winklevoss, in the same Twitter thread, added that despite these ongoing conversations, the SEC chose to announce his lawsuit to the press before notifying us. Super lame. It is unfortunate that they are optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors.

In November, Genesis announced that hundreds of thousands of retail investors would be unable to withdraw crypto assets from the Gemini Earn platform after withdrawal requests exceeded its liquidity, according to the SEC complaint.

At the time, he held about $900 million in investor assets from about 340,000 Gemini Earn investors, which the complaint said were still frozen.

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