Tyler Winklevoss was the co-founder at cryptocurrency exchange Gemini. The regulator charged the exchange for issuing unregistered security securities. He called these allegations “super lame and a manufactured parking ticket.”
Winklevoss expressed his disappointment at the Securities and Exchange Commission’s (SEC) earlier charges regarding Gemini’s “Earn” program. He claimed that the regulator was “optimizing to political points.”
He called the SEC’s action “totally contraproductive” and stated that Gemini had been discussing Earn with regulators “for more 17 months.”
2/ As a matter of background, the Earn program was regulated by the @NYDFS and we’ve been in discussions with the SEC about the Earn program for more than 17 months. They didn’t mention the possibility of enforcement action before Genesis stopped withdrawing funds on November 16th.
— Tyler Winklevoss (@tyler) January 12, 2023
Winklevoss stated that “they never raised the possibility of any enforcement actions until AFTER Genesis stopped withdrawals on Nov 16th.”
He stated Gemini would defend itself against the unregistered security charges and would “make sure this doesn’t distract us from the important recovery work we are doing.”