BlocksInform
The U.S. Securities Commission has invoiced gemini for the unregistered supply and sale of securities. The load is related to the gemini gain program.
There is another important legal matter going on in the crypto market. U.S. Securities Commission charged gemini for non-registered offer and sale of crypto asset securities by gemini win.
press release, issued on Jan. 12, said that the two companies raised “raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors.” They also investigate other breaches of securities laws and other relevant entities and individuals. President Gary Gensler tweeted on Jan's case. 13, triggering numerous discussions on the load within the crypto community.
@SECGov charged Genesis & Gemini for the unregistered offer & sale of crypto asset securities through Gemini Earn.
Cryptographic intermediaries must abide by our securities legislation. This provides protection for investors. It fosters confidence in the marketplace. It's not a matter of option. It’s the law.
— Gary Gensler (@GaryGensler) January 12, 2023
The Gemini Earn program, which was the focus of a lively discussion between Cameron Winklevoss and DCG CEO Barry Silbert, was launched in February 2021. This income program has provided retail investors with the opportunity to earn interest on their assets.
The sec asserts that the offers of the issue should have been recorded with the commission. Gensler said,
“We allege that Genesis and Gemini offered unregistered securities to the public, bypassing disclosure requirements designed to protect investors. Today’s charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws.”
Officials also referred to the collapse of other crypto lending programs. He stressed that these programs have to respect the laws in order to function.
Gemeaux cofounder answers.
Tyler Winklevoss answered the prosecution, tweeting that it was disappointing. He pointed out that the BNPD regulated the program and that Gemini discussed it with the Sec for 17 months. He called it a “manufactured parking ticket.”
1/ It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. Doing so does nothing to continue our efforts and help users recover their assets. Their behavior is totally counterproductive.
— Tyler Winklevoss (@tyler) January 12, 2023
Gemini is a very rules-based exchange. The stock market is registered in New York, which has been very strict to allow cryptocurrencies to function.
SEC Not Dialogue Down Crypto Scruter.
The SEC has focused intensely on the crypto market in the past 12 months, and Gensler clarified the agency’s intention. The Chair of the Secretariat said that nonconforming crypto companies would face a challenging 2023.
Some of these cases have irked the crypto community, such as the one against Ripple. It has also been targeting crypto auditors, as the authority doubts the legitimacy of the audits.
