Tyler Winklevoss Slams SEC Lawsuit As Politically Motivated – Crypto News – Crypto News
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Tyler Winklevoss Slams SEC Lawsuit As Politically Motivated – Crypto News

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In a series of tweets, Gemini co-founder, Tyler Winklevoss, slammed the 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 the 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 the 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 Earnest 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

The 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, the 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.

The SEC has filed a lawsuit seeking permanent injunctive relief, disgorgement, and civil penalties against both Genesis and Gemini.

Gemini and Genesis have been at the 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 the 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.”

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working with different major media houses. His current role at Coingape includes creating high-impact web stories under tight deadlines. When not working, you’ll find him reading Russian literature or watching some Swedish movie.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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