I find it odd that they would sue Gemini at a time like this. Maybe the SEC is getting pressured by someone else. Going after Genesis I understand but Gemini is one of the most regulated exchanges out there. Did they not know in advance these laws how lending Bitcoin is considered an unregistered security?
Pretty crazy that the brand will be forever damaged and it was all due to the FTX collapse. It’s crazy how the contagion is still spreading when FTX collapse was over 2 months ago and Bitcoin is gaining on $20k again.
Well, you know what the scariest words in the English language are… “I’m from the government and I’m here to help.” Getting involved in a bad situation and making it worse is sort of their calling card. I think the quick timing is odd here. I am not sure they’re going after the right people either. Gemini had some pretty crazy terms to use their Earn program. I think they should be going after Barry as I’m not sure who else could right the situation.