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☆ The crypto industry plowed tens of millions into the election. Now, it’s looking for a return on that investment
▼ + stars: | 2024-11-17 | by ( Fredreka Schouten | ) edition.cnn.com time to read: +10 min

Crypto super PACs spent heavily on Republicans as well as key Democrats, including two who won open seats in the US Senate, Elissa Slotkin in Michigan and Ruben Gallego in Arizona. How Washington regulates the industry has enormous consequences for this burgeoning sector, along with the 52 million Americans who now hold digital assets. “The strategy is to have as many conversations with as many people in the Trump orbit as possible so that everyone has an understanding of what the crypto industry is most interested in,” she said. They also helped finance Fairshake, a crypto industry super PAC launched last year that was active in congressional contests. An industry super PAC spent $40 million to back to Republican Senate candidate Bernie Moreno in Ohio, who ousted three-term Democratic Sen. Sherrod Brown.

Persons: Donald Trump, Gary Gensler, Biden, Crypto, Elissa Slotkin, Ruben Gallego, Sam Bankman, “ Crypto, ” Kristin Smith, we’ll, that’s, ” Smith, ”, Smith, Dan Gallagher, Paul Atkins, Atkins, Gallagher, Bitcoin, Trump, –, It’s, Barron, Steve Witkoff, multibillionaire Elon Musk, Cantor Fitzgerald Howard Lutnick, Carlos Barria, Reuters Howard Lutnick, Cantor Fitzgerald, Marc Andreessen, Ben Horowitz –, Sergio Gor, Andreessen, “, Tyler, Cameron Winklevoss, Musk, Katie Porter, Massachusetts Sen, Elizabeth Warren, Porter, Adam Schiff, Bernie Moreno, Democratic Sen, Sherrod Brown, Brown, Moreno, Colin McLaren, ” Robert Weissman, Andreessen Horowitz, Kara Calvert, CNN’s David Wright Organizations: CNN, Trump, Securities, Exchange Commission, Industry, Crypto, Blockchain Association, SEC, Token Alliance, Liberty, Liberty Financial, of Government, Republican, Reuters, Venture, Biden, PAC, Democratic Rep, Democratic, Banking Committee, Commodities Futures Trading Commission, Cedar Innovation Foundation, Consumer, Public Citizen Locations: Washington, Michigan, Arizona, Madison, New York City, U.S, America, Bitcoin, Massachusetts, California, Ohio

☆ Trump PAC has raised about $7.5 million in crypto donations since early June
▼ + stars: | 2024-10-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Adam Gray | Afp | Getty ImagesA political action committee supporting former President Donald Trump has raised about $7.5 million in cryptocurrencies. The PAC said the latest filing covered donations in the period of July 1 through Sept. 30, but numbers included cumulative contributions. At least 18 donors gave more than $5.5 million in bitcoin to Trump 47, the filing shows. Trump said in his keynote that his campaign had raised $25 million from the crypto industry, though he didn't specify the split between digital tokens and dollar donations. Among the new donors is Chase Herro, one of the co-founders of the Trump family's new crypto project World Liberty Financial.

Persons: Eric Trump, Donald Trump, Donald Trump , Jr, Adam Gray, Andreessen Horowitz, Lockheed Martin, David Bailey, bitcoin . Bailey, indoctrinated Trump, Trump, Chase Herro, Mike Belshe, Brian Murray, Craft, David Sacks, Trevor Traina, Bruce Fenton, Gary Cardone, Stuart Alderoty, Alderoty, Sacks, Chris Larsen, Kamala Harris, Forward, Larsen, Gary Gensler, Biden, Marvin Ammori, Tyler, Cameron Winklevoss Organizations: Republican, World Trade, Afp, Getty, Trump, U.S, GOP, PAC, Public Citizen, Lockheed, Duthie Power Services, Esperanza Entertainment, BTC Inc, Liberty Financial, Craft Ventures, Kresus Labs, Chainstone, Cardone Digital Ventures, CNBC, White, SEC, Biden, Harris Locations: New York City, cryptocurrencies, Puerto Rico, bitcoin ., Nashville, bitcoin, XRP, San Francisco, Harris, Bay

☆ Crypto spending on 2024 election hits $190 million, led by Winklevoss twins
▼ + stars: | 2024-09-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +6 min

The Winklevoss twins, Coinbase and Ripple didn't immediately respond to requests for comment. Huge jump from 2020Delmore, who has been assembling reports on crypto donations in the 2024 election for blockchain analytics platform Breadcrumbs, told CNBC that industry spending is nearly double where it was in the mid-terms — more than $190 million in the 2024 election versus $98 million in the 2022 election. It's nearly 13 times spending in 2020 of $15 million — a figure based on a mix of data from FEC and OpenSecrets filings. Unlike the past two election cycles, which featured spending from the now-bankrupt crypto exchange FTX and founder Sam Bankman-Fried, this year's contributor list is more robust and diverse. "Most of the crypto donations in 2022 were from FTX and SBF and almost all of them went to Democrats or PACs that support Democrats," Delmore said.

Persons: Tyler Winklevoss, Cameron Winklevoss, Joe Raedle, Cameron, James Delmore, Donald Trump, Chris Larsen, Brad Garlinghouse, Ro Khanna, John Deaton, Democratic Sen, Elizabeth Warren, Stuart Alderoty, Alderoty, Ripple, David Sacks, Trump, Gary Gensler, Gensler, Harris, Biden, Delmore, It's, Sam Bankman, Fried, Andreessen Horowitz, Coinbase, Coinbase's Organizations: Gemini, Mana Convention, Getty, CNBC, Trump, Republican, Trump America PAC, Fairshake PAC, Labs, Democratic, SEC, San, FEC, Citizen, Fairshake, Bloomberg, Crypto Alliance, DC Locations: Wynwood, Miami , Florida, bitcoin, Massachusetts, San Francisco, FTX

☆ Trump's bitcoin strategy was shared behind closed doors with CEOs who raised $25 million. Here's what he told them.
▼ + stars: | 2024-08-01 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +15 min

Bitcoin 2024 attendee wears "Make Bitcoin Great Again" baseball cap. Trump said on Saturday that his campaign has raised $25 million from the crypto industry since it began accepting cryptocurrency donations in May. "Make Bitcoin Great Again" hats displayed for sale at the Bitcoin 2024 conference in Nashville, Tennessee, US, on Saturday, July 27, 2024. "The rules will be written by people who love your industry, not hate your industry," Trump declared that afternoon in the main auditorium as he warmed up the crowd. As Riot's Les put it, "I think the core message that we communicated to President Trump was, 'This is your industry leadership group.

Persons: Donald Trump, Jon Cherry, Donald Trump White, Tyler, Cameron Winklevoss, Paul Grewal —, David Sacks, Cantor Fitzgerald, Howard Lutnick, Cynthia Lummis, Bill Hagerty, Marsha Blackburn, Vivek Ramaswamy —, Kid Rock, Billy Ray Cyrus, Jason Les, Fred Thiel, Zach Bradford, Chris Cook, Amanda Fabiano, Michael Saylor wasn't, Saylor, Trump, That's, Donald Trump's, Les, he's, litigator, Tracy Hoyos, Cyrus strummed, " Hoyos, López, Hoyos, Cyrus, López Trump, Marathon's Thiel, Thiel, David Bailey, Bailey, Sen, Elizabeth Warren, Gary Gensler —, Kamala Harris, Cook, Saturday's, CleanSpark's Bradford, Riot's Les, indoctrinating, Bradford, they've, It's, we're Organizations: Republican, Getty, Music City Center, GOP, Gemini, Trump, U.S ., State Department, Marathon Digital Holdings, CNBC, Music City, Riot, Attorney, Bitcoin, BTC Inc, U.S . Securities, Exchange, US, Bloomberg, indoctrinating Trump, Industry, Mar Locations: Nashville , Tennessee, San Francisco, Nashville, Mar, Lago, U.S, San Bernardino County, López

"For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your bitcoin," Trump said at this year's Bitcoin Conference in Nashville. Kennedy went further than Trump, promising to establish a 4 million bitcoin strategic reserve to match the country's current stake in gold, some of which is held near the military base at Fort Knox. But Trump's reservation speaks to the complications of promising a bitcoin strategic reserve on par with the gold standard. An executive order would not be enough to bring a U.S. bitcoin reserve into existence. That existing bitcoin stockpile could act as the foundation for the bitcoin strategic reserve, which the U.S. government would build on by regularly buying a certain number of bitcoin.

Persons: Donald Trump, Marco Bello, Trump, Trump's, didn't, Tyler, Cameron Winklevoss, Kid Rock, Cynthia Lummis, Bill Hagerty, Marsha Blackburn, Robert F, Kennedy Jr, Kennedy, bitcoin, Sen, Lummis, Per Sen, Joe Biden, Kamala Harris, Fred Thiel Organizations: Reuters NASHVILLE —, Republican, U.S . Marshals Service, Trump, U.S . Treasury, Bitcoin Conference, Saturday, Wyoming, U.S, Treasury Department, House, Independents, Democratic, U.S . Securities, Exchange Commission, U.S . Locations: Charlotte , North Carolina, U.S, Nashville, United States of America, Germany, Fort Knox, Washington, United States, bitcoin

☆ Donald Trump once trashed bitcoin as ‘based on thin air.’ Now, he’s addressing crypto’s largest convention
▼ + stars: | 2024-07-27 | by ( Steve Contorno | Aaron Pellish | ) edition.cnn.com time to read: +8 min

Trump’s campaign would not say what sparked the former president’s 180-degree turn on bitcoin. Billionaire crypto tycoons Tyler and Cameron Winklevoss each pledged to donate $1 million worth of bitcoin to Trump’s campaign. The cryptocurrency industry has experienced a resurgence since the downfall of FTX. Trump supporters were not hard to find inside the Bitcoin Conference. Luke Broyles, a 25-year-old Michigander working in the crypto industry, was similarly unsure of Trump’s latest entreaties despite his recent rhetoric.

Persons: Donald Trump, Trump, bitcoin “, ”, ” Trump, Jacob Silverman, bitcoin, Sam Bankman, Larry David, Tom Brady, Fried, Brian Hughes, South Carolina Sen, Tim Scott, ” Scott, David Bailey, Bailey, cryptocurrency, tycoons Tyler, Cameron Winklevoss, Cryptocurrency, Ohio Sen, JD Vance, David Sacks, Biden, ” Sacks, “, ” Tyler Winklevoss, Eric Soufer, cryptocurrencies, ” Soufer, FTX, Robert F, Kennedy Jr, John Fischer, ” Fischer, Luke Broyles, Trump’s, ” Broyles Organizations: Nashville CNN, Twitter, United States, Biden, Capitalism, CNN, Republican, Trump, South, BTC Inc, Mar, Commission, Billionaire, Music City Center, Independent, Pew, Libertarian Party, Bitcoin Conference Locations: USA, Nashville, United States, Wisconsin, St, Cloud , Minnesota, South Carolina, Silicon, Washington, Atlanta, cryptocurrency

Trump, the Republican nominee for president, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. At least 19 donors contributed more than $2.15 million bitcoin to the committee, the filing shows. Brian Hughes, a Trump campaign aide, said that of the more than $4 million in crypto raised, most of it arrived in bitcoin. "While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies." Thus far, it appears the Trump campaign is mostly converting these contributions immediately to USDC and then liquidating the donations.

Persons: Donald J, Trump, Bill Pugliano, Donald Trump, Tyler, Cameron Winklevoss, Mike Belshe, Tyler Winklevoss, Eva Marie Uzcategui, he's, Marc Andreessen, Ben Horowitz, Brian Hughes, Kamala Harris, Hughes, Harris, shiba inu, Jesse Powell, Stuart Alderoty, Alderoty, David Sacks, Ryan Selkis, Sen, Elizabeth Warren, Warren, Ohio Sen, JD Vance, Vance Organizations: Van, Getty, NASHVILLE, Republican, CNBC, U.S, Trump, Republican National Committee, State Department, Gemini Trust, Bloomberg, Solana, Bitcoin, Music City Center, Democratic, Biden, Harris Administration, IRS, Libertarian National Convention, Ohio, Biden White, SEC Locations: Grand Rapids , Michigan, Tennessee, bitcoin, Miami , Florida, U.S, Nashville, San Francisco, USDC, Washington, Lago, Florida

☆ Ethereum co-founder warns against voting only on 'pro-crypto,' a day after a16z founders support Trump
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Ethereum co-creator Vitalik Buterin on Wednesday cautioned against voting for political candidates based solely on whether they have adopted a "pro-crypto" stance. The best example of this is, predictably, modern Russia," added Buterin, a Russia-born coder who built ethereum in his late teens. Buterin did not single out any names in his post of either political candidates, or of those opting to support them. It comes in stark contrast to the Joe Biden White House, which has been seen as hard on crypto. However, the perception that Biden is anti-crypto and Trump is pro-crypto has some Biden allies concerned enough to take their case directly to senior White House officials.

Persons: Ethereum, Vitalik Buterin, Buterin, Putin, Donald Trump, Marc Andreessen, Ben Horowitz, Andreessen Horowitz, Donald Trump's, Ben, Marc Show, Horowitz, Joe Biden, They've, They're, Andreesen Horowitz, Coinbase, coder, Tesla, Elon Musk, Peter Thiel, Tyler, Cameron Winklevoss, Trump, —, Sen, Elizabeth Warren, bitcoiners, JD Vance, Vance, Biden Organizations: Republican National Convention, U.S . Securities, Exchange Commission, Federal Deposit Insurance Corporation, Trump, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Republican, Joe Biden White, SEC, Biden, White House Locations: Milwaukee, U.S, Russia, San Francisco, Washington, Mar, Nashville , Tennessee

☆ Winklevoss crypto firm customers will get back triple the value of their frozen assets
▼ + stars: | 2024-05-29 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

More than 230,000 Gemini customers lost access to approximately $940 million worth of digital assets. In the year and a half since then, crypto has staged a comeback, bringing the value of the frozen funds to $2.18 billion. Wednesday’s announcement accounts for the appreciation of value in crypto, adding more than $1 billion to the total. At the time FTX imploded, causing chaos in crypto markets, bitcoin sank precipitously to around $17,500. Earn customers can expect to receive their remaining asset balance within the next 12 months, Gemini said.

Persons: Cameron, Tyler Winklevoss, ’, ” Cameron Winklevoss, Gemini Organizations: New, New York CNN, Gemini, New York Department of Financial Services, bitcoin, FTX Locations: New York

☆ Crypto exchange Gemini returns $2.2 billion to users after pausing withdrawals 18 months ago
▼ + stars: | 2024-05-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Customers with funds locked up in crypto exchange Gemini's defunct crypto lending program are finally going to start getting their money back. The email adds: "This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. At $2.18 billion, the fund distribution represents a 232% recovery for users since Gemini froze withdrawals for customers of its Earn program 18 months ago. Gemini then lent customers' crypto to institutional borrowers through Genesis Global Capital, its lending partner of choice. In November 2022, Genesis Global Capital paused new loan originations and redemptions, forcing Gemini to halt withdrawals from its Earn program.

Persons: Tyler Winklevoss, Cameron Winklevoss, Cameron, Genesis, Gemini, Letitia Organizations: Gemini, Mana Convention, Genesis Global Capital, New York Locations: Wynwood, Miami , Florida, Manhattan

☆ The Winklevoss twins just invested millions in a tiny British soccer club
▼ + stars: | 2024-04-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Cameron and Tyler Winklevoss, the billionaire twins known for suing Mark Zuckerberg for allegedly stealing their idea for Facebook, are investing millions of dollars into a small English soccer club. The twins, who today run the crypto exchange Gemini, announced Friday that they've invested $4.5 million worth of bitcoin in Real Bedford Football Club (RBFC), making it the "first football club powered by bitcoin," according to a statement Friday. RBFC, a non-league, semiprofessional club from Bedford, England, was purchased in 2022 by bitcoin investor and podcaster Peter McCormack. The latest deal will see the Winklevoss twins serve as co-owners of RBFC, alongside McCormack, a lifelong Bedford resident.

Persons: Tyler Winklevoss, Cameron Winklevoss, Cameron, Mark Zuckerberg, they've, RBFC, podcaster Peter McCormack, McCormack Organizations: Facebook, Real Bedford Football Club, Bedford, CNBC Locations: Miami , Florida, Real, Bedford , England, bitcoin

☆ Winklevoss' crypto exchange Gemini gets nod to launch in France amid clash with U.S. regulators
▼ + stars: | 2024-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Cryptocurrency exchange Gemini has been awarded crypto registration to launch its services in France, the company told CNBC exclusively. The firm, which was founded and is owned by twins Tyler and Cameron Winklevoss, said it was approved as a virtual asset services provider by French markets watchdog Autorite des marches financiers (AMF). "This latest regulatory approval in France represents a significant moment in our European expansion," Gillian Lynch, head of EU at Gemini, said in emailed comments. Institutional clients will get access to Gemini eOTC, Gemini's electronic over-the-counter trading solution.

Persons: Tyler Winklevoss, Cameron Winklevoss, Gemini, Tyler, Gillian Lynch Organizations: CNBC, AMF, EU, Gemini Locations: Miami , Florida, France

☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

☆ New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case
▼ + stars: | 2023-10-19 | by ( Ephrat Livni | More About Ephrat Livni | ) www.nytimes.com time to read: +1 min

Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the digital asset industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. The suit targets Gemini Trust, the exchange run by the twin brothers Tyler and Cameron Winklevoss; the lender Genesis Capital; and Digital Currency Group, the parent company of Genesis. The attorney general, Letitia James, contends in the suit that Gemini lied to investors about the dangers of Gemini Earn, a program started by Gemini and Genesis that promised investors a high rate of return — up to 8 percent — if they essentially lent their cryptocurrency to Genesis. But Genesis struggled after the FTX cryptocurrency exchange, founded by Sam-Bankman Fried, imploded last November. It froze accounts amid a crash in digital asset values, leaving Earn investors unable to reclaim hundreds of millions of dollars’ worth of cryptocurrency.

Persons: Tyler, Cameron Winklevoss, Letitia James, Gemini, Genesis, Bankman Fried Organizations: New, Gemini Trust, Genesis, Digital Currency Group, Gemini Locations: New York

☆ US authorities interview Winklevoss over claims against DCG and its CEO -source
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/file photo Acquire Licensing RightsSept 7 (Reuters) - U.S. authorities are probing claims of fraud that Cameron Winklevoss, the co-founder of crypto firm Gemini Trust Co, has made against the Digital Currency Group (DCG) and its founder Barry Silbert, according to a source familiar with the inquiry. Winklevoss has said that DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy in January. Gemini was the largest creditor of the bankrupt firm and is suing DCG and Silbert. Federal prosecutors in New York and investigators from the FBI and the Securities and Exchange Commission asked Winklevoss about his claims during an interview in recent months, the source said. Authorities have not accused DCG or Silbert of any misconduct and investigations do not always lead to charges.

Persons: Cameron Winklevoss, Lucas Jackson, Barry Silbert, Winklevoss, Silbert, Gemini, DCG, Chris Prentice, Jaiveer Singh, Devika Syamnath, Cynthia Osterman Organizations: New York State Department of Financial Services, REUTERS, Gemini Trust, Digital Currency Group, FBI, Securities and Exchange Commission, Bloomberg, SEC, Gemini, Thomson Locations: Manhattan, New York, Bengaluru

DCG and Silbert, who is also a defendant, called Gemini a "sophisticated market participant" that had told Gemini Earn customers, who were expecting high interest rates, that it had "thoroughly vetted" Genesis. Gemini said the defendants did this so that Gemini Earn customers would continue lending crypto assets to Genesis, believing it was "business as usual." Gemini and Genesis are defendants in a U.S. Securities and Exchange Commission civil lawsuit claiming they bypassed disclosure requirements meant to protect investors in connection with Gemini Earn. According to the SEC and the Winklevosses, Genesis held about $900 million of assets from approximately 340,000 Gemini Earn customers before halting withdrawals last November. The case is Gemini Trust Co v Digital Currency Group LLC et al, U.S. District Court, Southern District of New York, No.

Persons: Entrepeneurs Tyler, Cameron Winklevoss, Manus, Lucas Jackson, Tyler, Barry Silbert, Gemini, Silbert, DCG, Genesis, Sam Bankman, Fried, Jonathan Stempel, Leslie Adler Organizations: Metropolitan Museum of Art, REUTERS, Group, Gemini Trust, Genesis Global, Gemini, Three Arrows Capital, U.S . Securities, Exchange Commission, SEC, Forbes, Currency, Court, Southern District of, Thomson Locations: Manhattan, New York, DCG, U.S, Southern District, Southern District of New York

☆ Winklevoss twins take strike two with crypto hype
▼ + stars: | 2023-07-11 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

The Winklevii, as they came to be known after “The Social Network” movie debuted, are suing another former friend – crypto baron Barry Silbert. That indicates some investors still believe in crypto even if they’ve lost faith in its former stars. Much like social media, the Winklevii seem to be on the losing end of the crypto streak, too. Follow @AnitaRamaswamy on TwitterCONTEXT NEWSOn July 7, cryptocurrency exchange Gemini sued Digital Currency Group, the parent company of now-bankrupt crypto lender Genesis, seeking over $1.1 billion. Gemini co-founder Cameron Winklevoss claimed in a July 7 Twitter post that DCG and Silbert were partially responsible for losses affecting thousands of Gemini users.

Persons: Tyler, Cameron Winklevoss, Mark Zuckerberg, Barry Silbert, Silbert, DCG, they’ve, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Facebook, Social Network, Digital Currency Group, Gemini, Wall Street, Fidelity, Twitter, Genesis’s, Thomson Locations: bitcoin, BlackRock, U.S

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

Gemini Trust Co's request was filed in Manhattan federal court, in response to the SEC's Jan. 12 civil lawsuit against the exchange and the cryptocurrency lender Genesis Global Capital LLC, a unit of Digital Currency Group. The SEC had sued over Gemini Earn, which let customers lend crypto assets such as bitcoin to Genesis, with Gemini taking an agent fee as high as 4.29%. The SEC said Genesis held $900 million of assets from about 340,000 Gemini Earn customers. Gemini and Genesis were accused by the regulator of having bypassed disclosure requirements meant to protect investors. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No.

☆ Here's how a serial founder and former US diplomat raised $25 million to create a crypto superapp — and why it's gotten backing from investors like JetBlue and the Winklevoss twins
▼ + stars: | 2023-03-07 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

Kresus, which is building a crypto superapp, has raised $25 million led by Liberty City Ventures. Traina's company, Kresus, has raised $25 million in Series A funding led by Liberty City Ventures, the company's first round of financing, to bring that vision of a crypto superapp to fruition. JetBlue Ventures, Craft Ventures, Franklin Templeton, Salesforce CEO Marc Benioff, and Gemini cofounders Tyler and Cameron Winklevoss also participated in the round. That track record helped win over Liberty City Ventures, whose portfolio includes the Web3 companies Animoca Brands, BlockApps, BitGo, and The Sandbox. James Lang, a managing director at Liberty City, told Insider that the quality of Kresus' team stood out among similar companies he'd reviewed.

☆ D.C. appeals court expedites oral arguments in Grayscale lawsuit against SEC
▼ + stars: | 2023-01-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The SEC on Wednesday rejected Grayscale's application for a spot bitcoin ETF, citing a failure by the investment manager to answer questions about concerns around market manipulation. The District of Columbia Court of Appeals has scheduled a date to hear oral arguments in Grayscale's lawsuit contesting the Securities and Exchange Commission's decision to deny the conversion of its Grayscale Bitcoin Trust to an exchange-traded fund. Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021. Still, crypto investors are longing to see the SEC approve a U.S. spot bitcoin ETF – and no longer just as a way to open the crypto market to more institutional investment.

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Crypto exchange Gemini will reduce its headcount by 10%, a spokesperson told CNBC on Monday. Other crypto firms like Crypto.com, Coinbase , Kraken, and Genesis have eliminated positions since Nov. 11, the day that Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy. Gemini has been embroiled in an intense spat with Silbert's Genesis Trading, a crypto lending firm that generated rich returns for Gemini clients through Gemini's high-yield lending product, known as Gemini Earn. Genesis filed for bankruptcy protection on Jan. 19.

☆ Bankrupt crypto lender Genesis optimistic it can resolve creditor disputes
▼ + stars: | 2023-01-23 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Sean O'Neal, the lawyer, spoke at a hearing in Manhattan bankruptcy court to consider "first-day" motions for Genesis Global Capital, the crypto lending business owned by Barry Silbert's venture capital firm Digital Currency Group. The filing followed the bankruptcies since last July of crypto lenders BlockFi, Celsius Network and Voyager Digital. Brian Rosen, a lawyer for creditors holding $1.5 billion of claims, said "we are getting closer" to an accord. On Jan. 12, the U.S. Securities and Exchange Commission charged Genesis and Gemini with illegally selling unregistered securities through their Gemini Earn lending product. Cameron Winklevoss has also called for Silbert's removal as DCG chief, and threatened litigation against DCG if Genesis' bankruptcy did not result in " a fair offer to creditors."

☆ Crypto lending unit of Genesis files for U.S. bankruptcy
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

Jan 19 (Reuters) - The lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. Genesis' lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the U.S. Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

Jan 20 (Reuters) - As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures. Now, as founder of venture capital firm Digital Currency Group, parent of troubled crypto firm Genesis, he is grappling with problems closer to home. Unlike other prominent crypto moguls, Silbert kept a relatively low profile, eschewing the regular tweets favored by his peers. Nasdaq bought SecondMarket in 2015 for an undisclosed amount and Silbert relaunched SecondMarket’s crypto trading division as Genesis Trading the same year, incorporating it into his growing crypto empire. In an open letter posted to Twitter on Jan. 10, Gemini's Cameron Winklevoss demanded the DCG board remove Silbert as CEO and install a new leader.

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