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Is there something about Gemini's version of the interest bearing account that makes it less problematic than Blockfi's offering? Why is it that Blockfi has tak
by coconut08 5y ago
Is there something about Gemini's version of the interest bearing account that makes it less problematic than Blockfi's offering? Why is it that Blockfi has taken so much heat and Gemini has seemed to fly completely under the radar? Does this suggest that the issue was the marketing and the implementation that was the issue rather than the product itself?
- capableweb 5y agoI guess it could have something to do with that Gemini is a registered exchange and regulated by the NYDFS, while BlockFi goes the more traditional cryptocurrency exchange route of "Let's see what turns out to be illegal when we get there".
- notpachet 5y agoThat route has a pithier name: "disruption"
- ValentineC 5y agoNote that Gemini Earn is run by Genesis Global Capital, not Gemini themselves: https://www.gemini.com/legal/gemini-earn-program-terms-and-authorization-agreement https://www.gemini.com/legal/gemini-earn-program-terms-and-a...
- pazimzadeh 5y agoSame question, with Celsius.
- cypherpunks01 5y agoCoindesk writes, "The SEC is reportedly investigating Voyager Digital, Gemini Trust and fellow crypto lender Celsius Network." There is no difference.
- deleted 5y ago[deleted]
- rabite 5y agoBlockfi was the easiest case to make in the room, but Gemini and Celsius are now being investigated by the SEC as of last month. https://www.bloomberg.com/news/articles/2022-01-26/crypto-lending-firms-celsius-network-gemini-face-sec-scrutiny https://www.bloomberg.com/news/articles/2022-01-26/crypto-le...
- 300bps 5y agoRead Blockfi's press release: https://blockfi.com/regulatory-developments/ https://blockfi.com/regulatory-developments/ BlockFi is first participant in new regulatory framework for crypto sector They're the first participant. They won't be the last. Police can't pull over every car at the same time and neither can the SEC go after every actor simultaneously. What the SEC has now though is a precedent of cooperation.
- SilasX 5y agoThe SEC is apparently looking at Gemini too, though it didn’t seem to get a lot of discussion (sorry, “have legs”) when the stories came out: https://www.bloomberg.com/news/articles/2022-01-26/crypto-lending-firms-celsius-network-gemini-face-sec-scrutiny https://www.bloomberg.com/news/articles/2022-01-26/crypto-le... Disclosure: have significant holdings in Gemini’s lending program and used to in BlockFi’s.
- endorphine 5y agoWould you mind elaborating on why you chose to make the disclosure? It puzzles me because I don't see how it's relevant to the rest of the comment.
- SilasX 5y agoSure, after you justify why you'd object to someone disclosing more bias than they have to. (And my comment throttling lets up.)
- endorphine 5y agoI'm not objecting; this was an honest question.
- SilasX 5y agoSo is mine. (And you can replace "object" with "find questionable or needing justification".)
- endorphine 5y agoI don't believe it "needs justification" and I already explained why I'm wondering: because I can't see how it's related to the rest of the comment.
- SilasX 5y ago