BREAKDOWN: The SEC Sues Gemini/Genesis as SBF Starts a Blog
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 14 January 2023
⏱️ 15 minutes
🧾️ Download transcript
Summary
The SEC claims the Gemini Earn program was an unregistered securities offering.
On this edition of the “Weekly Recap,” NLW looks at the Securities and Exchange Commission lawsuit against Gemini and Genesis involving the Gemini Earn program. He also sums up the recent developments around FTX, including $5 billion of recovered funds and Sam Bankman-Fried’s new Substack.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Swoon” by Falls. Image credit: Mark Wilson/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.3 | The breakdown is produced and distributed by CoinDesk. |
| 0:20.6 | What's going on, guys? It is Saturday, January 14th, and that means it's time for the |
| 0:25.4 | weekly recap. One quick note, before we dive into that, there are two ways to listen to the |
| 0:30.0 | breakdown. You can hear us on the Coin Desk Podcast Network feed, which comes out every |
| 0:33.7 | afternoon and features other great shows alongside the breakdown, or you can listen |
| 0:37.8 | to the breakdown-only feed, which comes out a few hours later in the evening. |
| 0:41.1 | Wherever you're listening, if you would take the time to leave a five-star rating or a review, |
| 0:44.7 | I would so appreciate it. |
| 0:46.8 | Now, for this weekly recap, we are, unfortunately, but necessarily, catching up on the latest |
| 0:52.6 | in the SBF shenanigans. However, before we do that, |
| 0:56.0 | we do have to do an update with some news from Thursday night. I actually had to record Friday's |
| 1:00.9 | show before the news of the SEC going after Genesis and Gemini broke, so a little bit of an update |
| 1:05.8 | on that. Late on Thursday night, Gary Gensler tweeted, we at the SEC charged Genesis and Gemini for the unregistered offer and sale of |
| 1:14.4 | crypto asset securities through Gemini Earn. |
| 1:17.0 | Crypto intermediaries need to comply with our securities laws. |
| 1:20.1 | This protects investors. |
| 1:21.2 | It promotes trust in markets. |
| 1:22.5 | It's not optional. |
| 1:23.4 | It's the law. |
| 1:24.8 | Now, the SEC is alleging that both companies engaged in selling unregistered securities. |
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