Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

US regulators announced last week that they're suing Gemini Trust Company, a retail crypto lending

product run by the Winklevoss Twins and Genesis Global Capital for breaking

securities rules.

The SEC says that the two firms illegally raised billions of dollars from hundreds of thousands

of retail investors through the Gemini Earn program.

Now look, I've felt that regulators should have cracked down on the Winklevoss twins

for quite some time now.

Not so much for their crypto shenanigans, but for their music.

My friend Darren, who runs the How Money Works YouTube channel, sent me a link to their

band, Mars Junction, terrible band name, a few days ago.

And I don't think I'll ever be able to forgive him for that.

I'm not one for stirring up online hate mobs,

but if you happen to have opened up another YouTube tab

to check out their music when I mentioned the name of the band,

don't blame me, I feel I warned you instead, go over to how money works

and leave an angry comment under one of his videos. It's his fault. So anyhow, there is no music

regulator to protect listeners. I'm really not a proponent of excessive regulation, but equally,

music festival goers should not be subjected

to DJ Diesel, the CEO of Goldman Sachs, either. But in the way that Al Capone was taken down

for tax evasion rather than his more serious criminal activities, the Winkle Voss brothers are being

charged for the unregistered offer and sale of

...