Tyler Winklevoss hit out at the SEC for accusing Gemini, calling the action “absolutely repulsive” in a series of tweets.

Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, accused the exchange of issuing unregistered securities to the regulator, describing the charges as “super lame” and “making up parking tickets”.

In a series of tweets on Jan. 12, Winklevoss shared his disappointment over the Securities and Exchange Commission’s (SEC) allegations of Gemini’s “earn” program, claiming the regulator was “optimizing political points.”

He called the SEC’s action “absolutely counterproductive,” adding that Mithuni has been discussing an earnings program with the regulator for “more than 17 months.”

Winklevoss also said he never raised the possibility of any enforcement action until Genesis banned the withdrawal on Nov. 16.

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Gemini’s earnings product was launched in February 2021 and officially lasted till January 8th

RELATED: Genesis tells clients that financial troubles need more time after Gemini demands action

In early November, Genesis disclosed that it had about $175 million stuck on the now-bankrupt FTX exchange. DCG sent $140 million to the firm to support its balance sheet but as of November 16, the withdrawal had been put on hold, citing the bankruptcy of Genesis FTX.

According to open letters from Geminis co-founder Cameron Winklevoss, Genesis owes $900 million to its 340,000 Gemini Earn users.

Tyler Winklevoss said Gemini will defend itself against unregistered securities charges and “make sure it doesn’t distract us from the important recovery work we are doing”.

Source: CoinTelegraph