Ah, the grand spectacle of the American Securities and Exchange Commission, like a wary old wolf, and Gemini Trust Company, that sprightly trickster of the crypto bazaar, have danced a curious dance under the somber gaze of the Southern District of New York. They solemnly informed the court that-hark!-they have reached a “resolution in principle.” A phrase so deliciously vague, it might as well mean “we’ll see you at tea.”
On a gloomy Monday, beneath the towering marble walls of justice, they asked, ever so politely, if the quills of litigation might be set aside, “subject to review and approval,” don’t forget those mouthfuls, by the mighty commission. All fighting paused… indefinitely. Because why rush when the spectacle is so much fun?
Should this tale extend beyond December 15, our protagonists promised a sequel in the form of another status update-because in law, as in life, suspense is the spice of drama.
Recall that this theatrical play began in January 2023, when the SEC, donning its cape of righteousness, alleged that Gemini and its shadowy companion Genesis Global Capital had been flirting with securities laws-unregistered, no less! Such audacity, to offer and sell to the valiant retail investors of America without the proper blessings.
What a twist it must be, then, when 2024 brought a quiet $21 million settlement, a lullaby to the raging storm-and now, Gemini’s merry ship appears to sail toward calm waters, at least for now.
Our dear acting chairman Mark Uyeda, wielding his power with all the gravitas of a seasoned conductor, chose not to strike the final blow against Gemini in a separate investigation, whispering instead a “you’re off the hook… for now.”
The SEC’s accusation? Investors, trusting souls, entrusted their fortunes to the Gemini Earn Program, lured by promises of interest. But alas, billions amassed without once waving the banner of registration at the watchful regulators.
That potent phrase from January’s script: “[I]nvestors lacked material information,” as though given a puzzle missing half the pieces. Instead of honesty, the defendants chose selective truths-because who doesn’t love a bit of artistic editing in financial disclosures?
Trump and Gemini: The Odd Couple of Crypto Policy 🥂🤝
Enter stage left: the Winklevoss twins, those enigmatic titans of cryptocurrency, not just content with their digital fortunes but also playing the game of politics. Backers of none other than Donald Trump during the 2024 campaign, these gentlemen linger close to the White House halls as if waiting for a minted invitation to the Kremlin-or at least the Oval Office.
These twin musketeers witnessed the birth of the GENIUS stablecoin bill, pressing their influence to sway the fate of a certain Brian Quintenz-nominee for the CFTC chair. The White House, in an act of theatrical suspense, urged the Senate to postpone hearing his nomination before the tropical August recess and has since kept the stage dark.
Oh, but wait! Screenshots have appeared like clandestine telegrams-a July exchange between Quintenz and the twins, seeking whispers of “whatever assurances” should his nomination proceed. Cryptic, isn’t it? 👀
And as if the plot could not thicken further, Gemini boldly stepped onto the public exchange floor last Friday, boasting a dazzling IPO haul of $425 million through a sleek 15.2 million shares. Bravo! 🎉
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2025-09-16 01:34