Tyler Winklevoss, the co-founder of cryptocurrency trade Gemini, has lashed out at regulators accusing the trade of issuing unregistered securities, calling the allegations “tremendous lame” and a “manufactured parking ticket.”

In a sequence of tweets on Jan. 12, Winklevoss shared his disappointment with the Securities and Change Commission’s (SEC) earlier allegations relating to Gemini’s “earn” program, claiming that the regulator was “optimizing for political factors.”

He known as the SEC’s motion “fully counterproductive” and stated Gemini had mentioned the Earn program with the regulator “for greater than 17 months.”

2/ For background: The Earn program is regulated by @NYDFS and we’ve been in talks with the SEC in regards to the Earn program for greater than 17 months. They by no means raised the prospect of enforcement motion till AFTER Genesis paused payouts on November sixteenth.

— Tyler Winklevoss (@tyler) January 12, 2023

“They by no means raised the prospect of enforcement motion till Genesis paused payouts on November 16,” Winklevoss added.

The Ear of the Twins

He stated Gemini will defend itself in opposition to the unregistered safety allegations and “guarantee this does not distract us from the vital restoration work we’re doing.”