Cryptocurrency 40 minutes ago (Jan 15, 2023 12:00PM ET)

Gemini and Genesis’ legal troubles stand to shake up industry further

With investor confidence seemingly at an all-time low thanks to the recent slew of insolvencies, a new saga seems to be now unfolding in real time. This one involves crypto exchange Gemini’s Winklevoss twins and Barry Silbert, CEO of Digital Currency Group (DCG) — the parent firm behind crypto market maker and lender Genesis.

On Jan. 2, Cameron Winklevoss posted an open letter to Barry Silbert reminding him of the fact that it had been “47 days since Genesis halted withdrawals” while also providing a blunt, seemingly confrontational assessment of DCG’s existing business practices:

Tensions have been mounting

Gemini terminates Earn program with Genesis

SEC charges Genesis and Gemini

Gensler testifying before a Congressional oversight committee. Source: Reuters/Evelyn Hockstein

Rocky road ahead

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