Cryptocurrencies: The SEC accuses Gemini and Genesis The Securities and Exchanges Commission has accused Genesis and Gemini of illegally offering securities to US clients, in another blow to the cryptocurrency industry, still reeling from the collapse of FTX.
The SEC's decision was expected, but it further complicates efforts to unfreeze accounts at Genesis, which suspended customer withdrawals after losing money in the collapse of FTX and Terra/Luna earlier. in 2022.
Tyler Winklevoss, co-owner of Gemini, called the decision a "super suck". Along with his twin brother Cameron, he has one of the largest remaining cryptocurrency holdings. These holdings may need to be at least partially liquidated if the SEC obtains a heavy settlement from Gemini.
Additionally, Bulgaria-based cryptocurrency platform Nexo has also struggled, being raided by local authorities who suspect it of aiding money laundering.