Crypto

This Week on Crypto Twitter: Gemini vs Genesis, Week 2: The SEC Steps In

Illustration by Mitchell Preffer for Decrypt

We’ve now passed the second full week of 2023 and crypto fans’ patience and resilience have been rewarded with the first big price leaps in a long time. Most of the top cryptocurrencies by market capitalization have blown up by double-digit percentages over the last seven days. 

However, nobody is out of the woods yet. On Monday, Fox News journalist Charles Gasparino divulged the latest gossip from the wide-ranging and far-reaching FTX case. 

Security researcher and Forbes 30 Under 30 winner Jane Manchun Wong reported that day that Twitter wants in on the coin action and appears to be preparing a digital economy of its own—although Twitter Coins will probably not launch on the blockchain. 

Minnesota Congressman Tom Emmer finally received a reply from the authorities after he sent a letter last fall criticizing the government’s decision to ban crypto privacy tool Tornado Cash. The treasury told Emmer it couldn’t comment on pending litigation, and Emmer said he’ll be happy to wait for to ask questions during a public House Committee on Financial Services hearing.

His Bitcoin buying habit may have caused multimillion dollar losses for his country, but El Salvador’s authoritarian President Nayib Bukele wanted everyone to know on Wednesday that he’s still sold on Bitcoin and he’s taking his legislation to the next level to prove it. 

The Twitter account for MetaMask Support warned users of a new style of exploit that day. 

On Friday, Crypto.com co-founder and CEO Kris Marszalek announced that the exchange is about to make its third round of job cuts since June, citing “negative economic developments.”

Finally, Sam Bankman-Fried wants you to know he has a blog. 

Gemini vs Genesis: Week 2

The aftershocks of FTX’s collapse are still reverberating around the industry, spreading contagion, as highlighted by the new feud last week between crypto exchange Gemini and its creditor, Genesis, who allegedly owes users of Gemini’s Earn product $900 million. 

Gemini co-founder Cameron Winklevoss sent Digital Currency Group (DCG) chief Barry Silbert—who wholly owns Genesis—another open letter this week, throwing more accusations of fraud, lies and greed at him. The DCG account called his claims a “desperate and unconstructive publicity stunt.” 

Later in the week Silbert shared a “DCG Letter to Shareholders” in which he calls out “bad actors and blow-ups” that “have wreaked havoc on our industry.” He goes on to say that this year the industry’s “credibility and reputation” have almost been destroyed “by a wave of unprecedented fraud and criminal behavior.” Silbert published an abridged version of the letter in the ensuing thread. 

On Thursday, the United States Securities and Exchange Commission (SEC) got involved and filed a new set of charges against both Gemini and Genesis alleging that Gemini’s Earn product was an unlicensed security. 

Gemini co-founder and CEO Tyler Winklevoss immediately reacted, calling it a “counterproductive” move by the SEC. Later in the thread, Winklevoss said Gemini looks forward to defending itself against this “manufactured parking ticket.” 

Republican Minnesota Congressman Tom Emmer heavily criticized the SEC’s approach. 

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