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Gemini Exchange’s Winklevoss twins Tyler and Cameron are amongst the selected few sitting at the United States’ table for crypto policymakers. This new development has ignited some reflection as both brothers ponder how they moved from intense regulatory scrutiny involving Gemini to where they are currently.
Crypto Czar Engage Winklevoss Brothers
Speaking on the matter, Crypto czar David Sacks acknowledged an earlier statement made by Cameron Winklevoss. “I think you said something earlier that I thought was really profound,” Sacks said. “You said that a year ago, you thought it would be more likely that you’d end up in jail than at the White House.”
At first, Cameron clarified that Tyler made the statement. Then, he pointed out how they were surprised at how everything turned out with Gemini Earn. In his opinion, an attack was the last thing they expected from doing “the right thing for so many years and always trying to raise the bar with respect to regulations.”
SEC Sues Gemini For Earn Program
The Winklevoss brothers’ cryptocurrency exchange was under intense scrutiny a few years ago.
It had to do with their Earn Program, which ordinarily allowed users to earn interest on their assets. All they had to do was lend the crypto assets to Genesis Global Capital, a subsidiary of Digital Currency Group (DCG).
However, the program turned negative when FTX imploded in 2022, and Gemini Earn users could not access their funds.
It got worse when the US Securities and Exchange Commission (SEC) sued both Gemini and Genesis, citing that the Gemini Earn was an unregistered offering of securities. This allegedly violated securities laws. Amidst this, the Winklevoss twins had a fallout with Barry Silbert, the CEO of DCG.
Where is Gemini Now?
On the progress of the Gemini Earn Program, the crypto exchange has paid out $50 million settlement to compensate the investors.
The resolution, announced by the New York Attorney General’s (NYAG) office, ensured the fund’s recovery. Moving beyond the lawsuits and regulatory scrutiny, the Winklevoss brothers took a significant step toward going public.
The company confidentially filed for an initial public offering (IPO) and enlisted financial giants Goldman Sachs and Citigroup to guide the process.
