This Week on Crypto Twitter: Gemini vs Genesis, Week 2: The SEC Intervenes – Decipher

Illustration by Mitchell Preffer for Decrypt

We have now passed the second full week of 2023 and the patience and resilience of crypto fans has been reward with the first major price jumps in a long time. Most of the major cryptocurrencies by market capitalization have exploded by double-digit percentages over the past seven days.

However, no one is off the hook yet. On Monday, Fox News reporter Charles Gasparino leaked the latest gossip from the high-profile, high-profile FTX affair.

Security researcher and Winner Forbes 30 Under 30 Jane Manchun Wong reported that day that Twitter wants to get in on the coin action and appears to be preparing its own digital economy, although Twitter Coins is unlikely to launch on the blockchain.

Minnesota Congressman Tom Emmer finally received a response from 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 could not comment on pending litigation, and Emmer said he would be happy to wait to ask questions at a public hearing of the House Financial Services Committee.

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

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

On Friday, co-founder and CEO Kris Marszalek announced that the exchange was about to proceed with its third round of job cuts. since Juneciting “negative economic developments”.

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

Gemini vs. Genesis: Week 2

Aftershocks of FTX’s collapse are still reverberating through the industry, spreading contagion, as new feud highlights Last week between crypto exchange Gemini and its creditor, Genesis, which is owed users of Gemini’s Earn product $900 million.

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

Later that week, Silbert shared a “DCG Letter to Shareholders” in which he calls out “bad actors and outbursts” that “have wreaked havoc on our industry.” He goes on to say that this year the “credibility and reputation” of the industry was nearly destroyed “by an unprecedented wave of fraud and criminal behavior”. Silbert posted an abridged version of the letter in the following thread.

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

Gemini co-founder and CEO Tyler Winklevoss immediately reacted, calling it “counter productive” move by the SEC. Later in the thread, Winklevoss said Gemini was eager to defend against this “fabricated parking ticket.”

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

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