Gemini: “SEC allegations are counterproductive and unconvincing”

The leadership of the Gemini cryptocurrency exchange has criticized the American regulator for an unconvincing and politically biased, according to the company, accusation of issuing unregistered securities. In a series of tweets, Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, expressed his dismay at the accusations the Securities and Exchange Commission (SEC) filed the day before against his company's program called Earn. Tyler said the Earn program had been in discussions with the SEC for “over 17 months” and the regulator had not voiced any objection until Genesis got in trouble.. He called the SEC's actions “a lame attempt to score political points instead of helping 340,000 Earn users recover their losses.” Winklevoss said the SEC's actions are “absolutely counterproductive” and do nothing to help Gemini's efforts to resolve the crisis.. The exchange intends to defend itself against the allegations and has assured users that the SEC's claims will not affect its work to return assets to Earn users. Earlier, the Gemini cryptocurrency exchange announced the termination of the loan agreement with Genesis Global Capital (GGC) and the closure of the Earn program, accusing the company's management of deceiving users.