Recently at the White House Crypto Summit, Tyler and Cameron Vinklevos, Gemini co-founder, reflected on his visit to the regulatory investigation to sit in the country’s highest table for the Cryptocurrency Policy.
Crypto Caesar David Sachs directly addressed the case to Cameron Winklevos.
“I think you had said something earlier that I thought was really deep,” Sachs said on Friday. “You said that a year ago, you thought it would be more likely that you would end in jail compared to the White House.”
Cameron clarified that it was actually his twin brother Tyler, who made a statement saying, “We never thought that we would attack the way we have done in our backyard after trying to do the right thing for so many years and always try to increase the bar in relation to the rules.”
“And we have always felt that America should lead in bitcoin and crypto, and this is our leadership and winning,” they continued.
‘This is the law’
Vinkalwos twins came under investigation for their Crypto Exchange, Gemini, mainly due to the issues around the Gemini earned program.
Gemini’s earnings allowed users to earn interest by lending their crypto assets to the Digital Currency Group (DCG) subsidiary of Digital Currency Group (DCG). When Genesis stopped the withdrawal due to the market turmoil after FTX collapse in November 2022, Gemini was unable to reach approximately $ 900 million in the acquired user funds.
The situation in the form of Gemini and origin increased, a case was filed in January 2023 by the US Securities and Exchange Commission (SEC). SEC Solemn Gemini was an unregistered offer of securities, violating the earned securities. Additionally, a public quarrel between DCG CEO Vinkalwos Twins and Barry Silbert added to the investigation, the twin accused Silbert of misleading and accused of misleading the public about the financial health of generation.
In August 2023, Gemini, Genesis and DCG reached an agreement to recover some funds for affected users, but the situation left the permanent iconic and regulatory challenges for Winklevos Twins and Gemini.
Last year, Genesis agreed to pay a $ 21 million civilian penalty to settle the allegations that it was engaged in unregistered proposals and sales of securities through the Crypto Asset Lending Program.
The Gary Gansler, who led the SEC at that time, stated that the disposal “makes the previous tasks to clarify” that the crypto lending platforms are “needed to follow with securities laws”.
“Doing so is the best investors’ protection,” Gennser added at that time. “It promotes confidence in markets. It is not optional. This is the law. ,
Today, it is a different scenario. Mark t. Uyda is the new acting president of SEC. He was first sworn in as Commissioner on 30 June 2022 as Commissioner.
Uyda is expected to serve until the Senate voted for Trump’s nominated Paul Atkins to confirm the commission’s chair.
There is an understanding to say Uyda and Atkins are pro-crypto. Since Trump was elected, many cases and investigation in companies belonging to Crypto have ended. Coinbase, Crackon and Yuga Labs are only three companies to benefit from a President, which not only supports cryptocurrency, but they have their own memecoin.
Bitcoin Shakti 2022 matches the bear market
The trump administration has a cryptocurrency embrace as bitcoin has fallen below the level of $ 85,000. Technical analyst racket Capital said that the recent drop of bitcoin to 23.93 to the relative power index (RSI) by 23.93 during the 2022 bear market.
This oversold position usually leads to value movement upwards. He also stated that “during this cycle, the up -25 RSI resulted in reverse over time as a result of each visit.”
In the final check, Bitcoin (BTC) is trading at $ 83,550 in red.
