Welcome to the Tech Mem Right Home for Friday, January 13th,

2023. I'm Brian McCullough today. The SEC just officially labeled

two crypto lending programs as unregistered securities.

Is the regulatory tsunami beginning?

Did Tim Cook actually ask Apple to cut his pay?

Did the nascent industry of carbon capture just take its first steps?

And in the long reads I go in depth to explain that weird open AI Microsoft deal.

It's complicated.

Here's what you miss today in the world of tech.

The Securities and Exchange Commission has charged Genesis and Gemini

with offering and selling unregistered securities to retail investors via a crypto lending program

promising to pay interest.

quoting the block.

The program has been the subject of a public fight between the two Ursula corporate partners.

The U.S. regulator said Genesis, which is part of Digital Currency Group, entered into an agreement

in December 2020 with Cameron Winkle Voss-led Gemini, to offer Gemini customers an opportunity to loan their

crypto to Genesis in exchange for Genesis's promise to pay interest.

In February 2021, Genesis and Gemini began offering the Gemini Earn program to retail investors whereby

Gemini Earn investors tendered their crypto to Genesis with Gemini acting as the agent to

facilitate the transaction the SEC alleged.

Gemini also deducted an agent fee, sometimes as high as 4.29%.

From the returns, Genesis paid to Gemini Earn investors.

...