IsabelPinho

[IsabelPinho @BebelPinho]

@BIASanDiego @Entanglefi Projects related to $SOL, Air Drop and $AVAX are making millionaires.

[IsabelPinho @BebelPinho]

@BIASanDiego @Entanglefi Is gonna be so much fun! $NGL

[IsabelPinho @BebelPinho]

@TAOseedX Fractal pumps inception.

[IsabelPinho @BebelPinho]

@ramahluwalia Thank you for your service towards the thousands of families impacted by this.

[John Reed Stark @JohnReedStark]

Gemini Escalates Its Battle With The SEC

I am not making this up. Gemini, a company that the SEC accuses of swindling $900M from 340,000 investors with its EARN product, now blames the SEC for depriving investors of the right to be subjected to crypto-related grift and chicanery. 

This is like Lee Harvey Oswald blaming the U.S. Secret Service for depriving people of the right to get a close look at the President. 

This is like Jim Jones blaming the U.S. Food and Drug Administration for depriving people of the right to drink cyanide-laced Kool-Aid.

This is like Chancellor Sheev Palestine blaming the Jedi for depriving people of the right to enjoy the benefits of the dark side of The Force. 

This is like . . . well, I think you get the gist.

For Earn Investor’s, There’s Actually A New Hope

Yesterday, Cameron Winklevoss tweeted the following: 

“Today marks 10 years since @tyler and I filed for the first spot Bitcoin ETF. The @SECGov's refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates how the SEC is a failed regulator. Here's why:

-"protected" investors from the best performing asset of the last decade
-pushed investors into toxic products like the Grayscale Bitcoin Trust (GBTC) which trades at a massive discount to NAV and charges astronomical fees
-pushed spot bitcoin activity offshore to unlicensed and unregulated venues
-pushed investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history . . . ” https://t.co/wzmWmhjn3u

Ironically, Mr. Winklevoss has got the equation completely backwards.

In stark contrast, despite what Gemini asserts about SEC failures, there exists a glimmer of hope for Gemini’s Earn investors thanks to, not despite, the SEC. https://t.co/expjZD30IC

Indeed, the most compelling aspect of the SEC’s civil enforcement action against Gemini is that if the SEC prevails, EARN’s investors could get 100% of their original investment back (which, IMHO, is the kind of refund and rescission that Gemini should provide voluntarily).

There is a very significant difference between the 340,000 investors who lost $900M in Gemini Earn and the millions of investors whose accounts were suddenly frozen by FTX, Celsius, BlockFi, Voyager and other crypto-grifters: Gemini is solvent. 

So if the SEC wins its case against Gemini, disgruntled investors stand a chance to recover some or even all of their original investment (though perhaps with a deduction of their gains).

In the event of an SEC victory over Gemini or settlement with Gemini, SEC disgorgement and penalties could be placed in some sort of FAIR Fund or other judicial/statutory remediation mechanism — and pursuant to a distribution plan, be returned to victims of all violative conduct. This kind of reimbursement is not unprecedented and has actually become somewhat routine. https://t.co/lRrfztHR0i

For example, in the SEC Telegram case, the SEC was victorious in their summary judgement proceeding, Telegram settled the SEC’s charges and Telegram agreed to return $1.2 billion to investors (and to pay an $18.5M penalty). https://t.co/Xa5zsXr6Cv

Gemini is cash-rich from, among other endeavors, profits gained from the exorbitant commissions Gemini took from the returns Genesis paid Earn investors, which at times were a whopping 4.29%, according to the SEC. https://t.co/TfI44jSaNM

As opposed to the SEC lawsuit against Genesis, the SEC lawsuit against Gemini is far from “too little, too late” and could be very meaningful for Gemini’s disgruntled Earn investors.

The SEC has a very strong case against Gemini for selling unregistered securities, which Gemini will certainly drag out for years. In the end, I believe the SEC will prevail, which could inure to the benefit of EARN’s investors. https://t.co/rYVX63JaDQ

Gemini May Have Even More SEC Troubles Ahead

What I cannot understand is why the SEC did not charge Gemini with failing to register as an exchange, failing to register as a broker-dealer and failure to register as a clearing firm (like the SEC did with Beaxy, Bittrex, Binance and Coinbase).

For instance, if Gemini is selling securities (as alleged), and receiving transaction-based compensation (as alleged), which is generally understood to be the hallmark of broker-dealer behavior (https://t.co/WwpeqBxYN5), then why didn’t the SEC charge Gemini with operating as an unregistered broker-dealer? Perhaps an amendment to the SEC’s complaint is forthcoming. 

Gemini has sought to dismiss the SEC case against them, calling the SEC’s action a “manufactured parking ticket” in a tweet and filing an 11-page legal brief arguing that the EARN agreement that Gemini had with its customers was not a security. https://t.co/3hJoctAJPJ

While the resolution of the SEC/Gemini case may not be for a while, if the SEC wins, don’t fall victim to Gemini’s incessant posturing.

No matter what Gemini’s take, for the devastated EARN investors still suffering amid the investor carnage that Gemini so cavalierly champions, an SEC victory is good news, not bad news. Full Stop.

[IsabelPinho @BebelPinho]

@AP_Abacus @Gemini @GenesisTrading Wouldn't this be a worse outcome for Earn creditors? Meaning: our ability to recover funds would be reduced / take longer?

[IsabelPinho @BebelPinho]

@biserdimitrov @ramahluwalia I understood Ian Sloss, from Silver Golub & Teitell (https://t.co/sNGT6Ngbrj) is working on this. Has anyone heard about them or tried to reach out?

[IsabelPinho @BebelPinho]

@Gemini I have received the communication regarding the new MLA. Can you please clarify if in case of an arbitration: (a) are creditors' chances of getting their money back improved? And (b) are creditors' chances of claiming a higher percentage amount of their money improved?

[IsabelPinho @BebelPinho]

@Gemini I have received the communication regarding the new MLA. Can you please clarify if in case of an arbitration: (a) are creditors' chances of getting their money back improved? And (b) are creditors' chances of claiming a higher percentage amount of their money improved?

[IsabelPinho @BebelPinho]

@Gemini My Earn pending balance was zero'ed today @ 11AM (NYC time) while waiting for the "redemption" from Earn to GUSD. Can you please let me know why this has happened?

[IsabelPinho @BebelPinho]

@Genesissupports I have sent some messages but didn't get any feedback. Would you please look into the private message thread? Thanks.

[IsabelPinho @BebelPinho]

@NiftyCollector1 @Jaimenonsg @Gemini I think there is still hope for a class action (certainly against Genesis, but also against Gemini - as you have said, they have branded and marketed it heavily, it had their company name all over it).

[IsabelPinho @BebelPinho]

@NiftyCollector1 @Jaimenonsg @Gemini They have not provided a timeline for Earn yet, as they are tangles with Genesis. They only said they will updated us on the "upcoming days". Fingers crossed that they will be successful getting an emergency loan.

[IsabelPinho @BebelPinho]

Ceremony is the New Punk
Self-sovereignty is the new counterculture. https://t.co/xWzVOVahzK

The new punks are the ones who affirm life. Who choose every moment. Who lean into the challenge. Who surrender to the process.

Those who allow life to animate and activate them.

[IsabelPinho @BebelPinho]

@gugachacra Guga, onde está publicada essa data?