Tyler Winklevoss, the co-founder of cryptocurrency trade Gemini, has hit out on the regulator charging the trade over issuing unregistered securities, calling the allegations “tremendous lame” and a “manufactured parking ticket.”
In a collection of tweets on Jan. 12, Winklevoss shared his disappointment over the sooner prices from the Securities and Trade Fee (SEC) concerning Gemini’s “Earn” program claiming the regulator was “optimizing for political factors.”
He referred to as the SEC’s motion “completely counterproductive” and mentioned Gemini had been discussing the Earn program with the regulator “for greater than 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 concerning the Earn program for greater than 17 months. They by no means raised the prospect of any enforcement motion till AFTER Genesis paused withdrawals on November sixteenth.
— Tyler Winklevoss (@tyler) January 12, 2023
“They by no means raised the prospect of any enforcement motion till AFTER Genesis paused withdrawals on November sixteenth,” Winklevoss added.
He acknowledged Gemini would defend itself in opposition to the unregistered safety prices and would “ensure that this doesn’t distract us from the vital restoration work we’re doing.”