Winklevoss twins, Genesis target of SEC crypto crackdown

KIFI

Published January 13, 2023 12:12 PM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The Securities and Exchange Commission went after two prominent companies in the crypto community on Thursday. The agency alleges that Genesis Global Capital and the crypto exchange Gemini were selling unregistered securities through a popular program that was supposed to give high interest payments on crypto deposits. The SEC’s lawsuit against Gemini, which is run by Tyler and Cameron Winklevoss, and Genesis is part of a broader cryptocurrency crackdown by multiple U.S. government agencies after crypto prices fell sharply last year, exposing mostly retail investors to billions of dollars in losses.

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