SEC asks Congress for more cash, takes legal lumps for fibbing in digital currency TRO
The SEC is asking Congress for $2.594 billion in funding for the coming year, justifying the boost based on the “significant growth and change in our markets.”
The SEC is asking Congress for $2.594 billion in funding for the coming year, justifying the boost based on the “significant growth and change in our markets.”
The proposed Gemini-Genesis-Digital Currency Group partnership would rival Coinbase and FTX, but Barry Silbert backpedaled with the suggested merger, citing "catastrophic risks" to the exchanges.
The future of Barry Silbert's "crypto" empire is on the rocks after its losses mounted to over $3 billion as more investors came forward to take down Digital Currency Group over alleged fraud.
The New York Attorney General’s charges were targeted at ending Gemini, Genesis, and Digital Currency Group's operations tied to the "purchase and sale of securities and commodities within or from New York."
The Winklevii argue that their mega-withdrawal from Genesis were personal funds, a claim that has yet to be proven and slammed by Gemini users whose funds were left on the collapsed exchange.
Cameron Winklevoss tweeted 'An Open Letter to DCG boss Barry Silbert,' whose troubled Genesis Global Capital offshoot filed for bankruptcy protection in January.
Genesis and Gemini argued that the alleged ‘securities’ in this case are mere lone agreements being incorrectly characterized by the SEC as securities offerings.
Winklevoss twins announced that Gemini had "reached an agreement in principle" with Genesis Global Capital, DCG, "and other creditors on a plan that provides a path for Earn to recover their assets."
Sign traders' expectations proved true as Genesis Global Capital LLC's parent company officially filed for Chapter 11 bankruptcy following a tumultuous year for the 'crypto' house of cards.
Genesis Global is on the brink of filing for bankruptcy this week after being caught off guard by the 3AC collapse last year, but sources said talks are ongoing and plans could change.
The U.S. securities regulator has formally charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities in connection with the Gemini Earn digital asset lending program.
Cameron Winklevoss says some 340,000 Gemini Earn users have been “defrauded” by DCG subsidiary Genesis Global Capital and, by extension, by Silbert “and other key personnel.”