Earlier Thursday, the SEC charged Genesis and Gemini with engaging in the offering and sale of unregistered crypto asset securities through Gemini Earn, a violation of securities laws.
“This protects investors. It promotes trust in markets. It’s not optional. It’s the law,” tweeted SEC Chair Gary Gensler.
In response, Winklevoss said the action was “disappointing” and that the behavior of the SEC was “totally counterproductive,” as the platform and other creditors have been “working hard to return funds.”
Winklevoss, in the same Twitter thread, added that “Despite these ongoing conversations, the SEC chose to announce their lawsuit to the press before notifying us.
What is the SEC doing and who are they trying to protect? Not retail investors.
#cryptoregulation #crypto #ripple #garygensler #bitcoin #bitcoinnews #ethereum #bullmarket #cryptoinvestor #foryou #youtubeshorts #blockbytes #fantom #ftm #eth
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Blockbytes | @blockbytescom
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Clay Kilgo | @Crypto_Klay
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