Gemini: "SEC allegations are counterproductive and unconvincing"

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Cryptocurrency exchange managementGemini criticized the American regulator for what the company believes was an unconvincing and politically biased accusation of issuing unregistered securities.

In a series of tweets, Gemini cryptocurrency exchange co-founder Tyler Winklevoss expressed his bewilderment at the allegations.
the Securities and Exchange Commission (SEC) yesterday regarding his company's Earn program.

Tyler stated that the Earn program was discussedwith the SEC for "more than 17 months," and the regulator did not voice its objections until Genesis' problems arose. He called the SEC's action "a lame attempt to score political points rather than help Earn's 340,000 users recoup their losses."

Winklevoss said the SEC's actions are "absolutelyare counterproductive" and do not contribute in any way to Gemini's efforts to resolve the crisis. The exchange intends to defend itself against the charges and assured users that the SEC's claims will not affect the work to return assets to Earn users.

Earlier, the Gemini cryptocurrency exchange announced
about terminating a loan agreement with Genesis Global Capital (GGC) and closing the Earn program, accusing the company's management of deceiving users.