SEC Alleges Gemini, Genesis Sold Unregistered Securities 18
The U.S. Securities and Exchange Commission (SEC) alleged crypto exchange Gemini and crypto lender Genesis Global Capital sold unregistered securities in a lawsuit filed late Thursday. CoinDesk reports: The investment regulator took aim at Gemini Earn, the troubled yield-bearing product that hundreds of thousands of U.S. investors entrusted with their crypto. Gemini generated yield on billions of dollars in crypto by loaning deposits to Genesis, which loaned them out again. But Genesis' November closing of lending withdrawals left some 340,000 Gemini Earn customers and about $900 million in crypto in limbo, the SEC said. The regulator accused the popular program of being an unregistered security. "Defendants offered and sold the Gemini Earn Agreements through the Gemini Earn Program without registering" with securities regulators, the complaint said. "As a result, investors lacked material information about the Gemini Earn program that would have been relevant to their investment decisions."
Re:The nuclear power of FTX (Score:5, Insightful)
Or or or, and hear me out, maybe crypto is actually a tool that has become almost exlusively the realm of scammers, pump and dumpers and laundering schemes like everyone with common sense knew they would eventually become. Maybe the things about these places and people are actually true?
Also let's not start sucking cryptos dick so much just yet, is there any evidence their campaign contributions came anywhere close to what the traditional fundariasing donors and companies put towards things? The 2020 election had spending estimated at $14.4 billion, how much of that really came from crypto?
Re:The nuclear power of FTX (Score:4, Interesting)
Awful lot of heavy hitter investors and financial celebrities who backed FTX. Maybe some or all of them are far dumber than we thought they were?
Yes, yes they were.
The DNC were the ones polishing the knob of FTX.
Besides SBF giving money to the DNC can you point to any special status or anything they did in his or FTX's favor?
Again, in a political race where almost $15 billion was spent everywhere, the Biden campaign raised over $1B themselves, the DNC directly raised $500m you think SBF's $40m had that much influence? I am sure he got to hobknob with the other donor class, I am sure he met some right people but you are insinuating a lot here without actually saying anything, can you back it up?
Re: (Score:3)
Thats a whole lot of speculation and insinuations without evidence.
we don't have to jerk each other off demanding indisputable "proof" you'll denounce anyway due to having party blinders on.
Look, you can get as emotional as you want but you should question where these ideas are coming from if they don't have proof. One thing, you could have provided one thing here, like where did you even read about this whole plan in the first place? Thats a start.
Re: (Score:1)
Thats a whole lot of speculation and insinuations without evidence.
we don't have to jerk each other off demanding indisputable "proof" you'll denounce anyway due to having party blinders on.
Look, you can get as emotional as you want but you should question where these ideas are coming from if they don't have proof. One thing, you could have provided one thing here, like where did you even read about this whole plan in the first place? Thats a start.
Get emotional? Forget the status of any other country on the planet for a moment. The US is in a world of fucking hurt right now because of horrifically corrupt leadership. Fact, plain and simple. Most of the things I spoke about are already validated, but that also brings up another factual criticism; what we don't ever hear about, from a media not authorized to speak on certain truth and fact. You know, like an unofficial Chinese diplomat cocaine junkie artist and former Ukranian energy board member
Re: (Score:2)
Most of the things I spoke about are already validated
Should be easy to verify everything then.
what we don't ever hear about
Where do you hear about it?
How big does the fire have to get for you to recognize the indisputable today?
Any evidence you have from investigative sources. I'm not gonna base my political worldview on just hearsay and conjecture. You are free to but I am a bit more discerning, sorry.
We have bad corrupt leaders affecting every citizen and the entire country, and not in a good way.
Yeah corruption is bad, there is no good way. I feel like we are gonna disagree on the definitions, facts and people though....
Start doing more than being "offended"
Did I say I was offended at any point?
Then find good leaders who will act and represent you again.
I do, I try to, I vote in every primary and election, i take special care for my local elections t
Re: (Score:1)
Other things peaked SEC interest before, like unregistered ICO and securities sales by crypto companies, stablecoins that were securities.
Re: (Score:1)
piqued even
How can SEC be so dumb? (Score:2)
Here Uber is not a taxi service, because it simply says, "I am not a taxi service". Air BnB is not a hotel because it said, "We are not hotel". All this crypto maniacs said, "Fiat currency is dead. Central bank does not set our value! We are the future baby! All libertarian utopia! We are not a regulated security by any shape or form".
All the dimwits who lost it by investing in crypto knew all this. They did not want to pay taxes, they did not want to suppo
Drug dealers? (Score:2)
In other news, Honda, Toyota, GM, etc. are all being sued because they transported humans to drug dealers. Those shady shady car manufacturers!
(Gemini only allowed access to these yield-bearing securities, they didn't sell it themselves. They make this quite clear to the user.)
Stop calling them "investors" (Score:2)
I propose "greedy morons" or "greedy sheep" instead, to get a better level of accuracy.
One Liner (Score:2)