Latest news with #CameronWinklevoss
Time of India
a day ago
- Business
- Time of India
Gemini confidentially files for US IPO as crypto markets heat up
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Gemini, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, on Friday disclosed it had confidentially filed for a U.S. initial public offering, as digital asset firms seize on renewed market high-profile companies, including those in high-risk sectors such as crypto and financial technology, have launched successful listings in recent weeks, reflecting pent-up demand and renewed vigor in the capital this week, stablecoin issuer Circle went public in a blowout debut on the New York Stock Exchange."Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "Crypto can be an unpredictable market, so when you get a chance like this, you take it."The surge in cryptocurrency IPOs signals a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny and capital that could help solidify crypto's place in traditional financial which operates a trading platform enabling investors to buy, sell and store more than 70 crypto tokens, said it has not yet determined the size or proposed price range for its offering."Gemini's move contributes to the broader momentum and reinforces the idea that crypto-native firms are increasingly preparing to access public markets," said Kat Liu, vice president at IPOX."More broadly, this signals that long-anticipated firms are now ready to reengage with public capital," Liu added, noting that investor appetite is returning, especially for companies with well-defined business models in strategic sectors such as fintech, AI and digital Winklevoss twins shot to fame after they sued Facebook and its CEO Mark Zuckerberg, alleging he had stolen their idea for the social networking site. They agreed to a settlement in 2008, in which they received cash and Facebook MOMENTUMThe global cryptocurrency market is currently valued at roughly $3.3 trillion with bitcoin trading firmly above the key $100,000 apiece milestone, according to data from CoinMarketCap."A successful listing would confirm that the crypto thaw is real," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. "If equity underwriters smell a new fee stream, expect the calendar to unfreeze for everything from fintech to AI chips."The industry, particularly after the approval of spot bitcoin ETFs in the U.S., has attracted billions in inflows from institutional investors seeking exposure to the asset May, Coinbase became the first U.S. crypto-focused company to join the S&P 500, a watershed moment for the the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional marks a sharp turnaround for an industry that spent more than a decade under intense regulatory scrutiny the collapse of crypto exchange FTX in 2022, many institutional investors retreated from the digital asset market. Prices later recovered, and the sector gained fresh momentum when U.S. President Donald Trump voiced support during his campaign, pledging to be a "crypto president."
Crypto Insight
10-05-2025
- Business
- Crypto Insight
Gemini to launch crypto derivatives in Europe with new license
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has received regulatory approval to expand crypto derivatives trading across Europe. Gemini secured a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA), allowing the exchange to offer crypto derivatives in the European Union, it announced on May 9. 'Once we commence business activities, we will be able to offer regulated derivatives throughout the EU and EEA [European Economic Area] under MiFID II,' said Gemini's head of Europe, Mark Jennings. According to the exec, the MiFID II license is a big milestone in Gemini's European expansion, putting it one step closer to offering derivatives to both retail and institutional users. Advanced traders will get perpetual futures Gemini's upcoming derivatives offering in the EU and EEA will include perpetual futures and other derivatives, which will be available to advanced users of Gemini, Jennings noted. 'Over the coming months, we will be working toward meeting the required conditions to launch these products across Europe,' he added. According to MFSA records, Gemini's Maltese entity, Gemini Intergalactic EU Artemis, was issued a license on May 8. MiCA license yet to be issued Gemini's latest license builds on the growing regulatory progress of the US-based exchange in Europe. In January, Gemini officially announced that it would choose Malta as its hub for compliance with the European Union's Markets in Crypto-Assets (MiCA) framework. The move came shortly after Gemini received its sixth European virtual asset service provider (VASP) registration from the MFSA in December 2024. However, the exchange has not yet obtained full MiCA licensing. Derivatives are a hot trend in crypto Gemini's upcoming crypto derivatives launch in Europe is yet another milestone in a growing trend toward derivatives in the global crypto industry. Coinbase, the biggest crypto exchange in the US by trading volume, on May 8 announced the $2.9 billion acquisition of Deribit, one of the world's largest crypto derivatives platforms. The deal came just a few days after rival exchange Kraken confirmed plans to purchase the derivatives trading platform NinjaTrader to offer futures trading on May 1. The firm previously said it had agreed to acquire NinjaTrader for $1.5 billion. Source:
Yahoo
03-04-2025
- Business
- Yahoo
SEC, Gemini Request Two-Month Pause in Lawsuit as 'Potential Resolution' in the Works
A potential resolution could be coming soon in the long-running lawsuit between the U.S. Securities and Exchange Commission (SEC) and Gemini over the crypto company's Earn product. The two submitted a joint request to the U.S. District Court for the Southern District of New York on Tuesday to consider a 60-day pause in the case as they consider a potential resolution. The motion mirrors similar stay requests filed by the SEC in other crypto-related cases, including its cases against Binance and Tron, both of which were granted by the court. The regulator also filed a similar motion in its case against Coinbase before later dropping the suit entirely. The SEC filed suit against Gemini and bankrupt crypto lender Genesis in January 2023, alleging that both companies had violated securities laws through the Gemini Earn program. Through the Earn program, retail investors were promised as much as 8% interest — paid by Genesis — on tokens invested through the program. When Genesis halted withdrawals in the wake of FTX's November 2022 collapse, approximately $900 million in user funds were trapped on the platform, according to the SEC's initial complaint. A public dispute between the two companies' leadership followed, and by Jan. 10, 2023, Gemini shuttered the Earn program. Two days later, the SEC filed charges against both companies. That same month, Genesis filed for bankruptcy. In February 2024, Genesis paid the SEC a $21 million fine to settle the charges against it. A separate SEC probe into Gemini was closed in February. Read more: SEC Drops Probe into Gemini, Cameron Winklevoss Demands Recompense Both the paused litigation and the dropped probe into Gemini are part of the SEC's ongoing retreat from former Chair Gary Gensler's so-called 'regulation by enforcement' approach to crypto regulation. Under the leadership of Acting Chair Mark Uyeda, the agency has dropped a host of enforcement cases, including against Ripple and Cumberland DRW, and closed even more investigations into companies including Yuga Labs, OpenSea, and Uniswap Labs. Read more: Where All The SEC Cases Are Sign in to access your portfolio
Yahoo
02-04-2025
- Business
- Yahoo
SEC, billionaire Winklevoss twins may resolve lawsuit over Gemini Earn
By Jonathan Stempel NEW YORK (Reuters) - An exchange run by billionaire twins Tyler and Cameron Winklevoss may soon resolve a U.S. Securities and Exchange Commission lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors. In a joint letter filed on Tuesday in Manhattan federal court, the twins' Gemini Trust and the SEC asked to put all deadlines in the civil case over Gemini Earn on hold for 60 days to allow the parties to explore a potential resolution. The letter did not say whether this might entail a settlement, the SEC dropping its case, or some other outcome. Neither lawyers for Gemini nor the SEC immediately responded to requests for comment. The SEC sued Gemini and cryptocurrency lender Genesis Global Capital in January 2023 over Gemini Earn, which let customers lend crypto assets including Bitcoin to Genesis in exchange for interest payments, with Gemini taking a fee as high as 4.29%. Genesis halted withdrawals in November 2022, the same month Sam Bankman-Fried's FTX cryptocurrency exchange collapsed, and filed for bankruptcy two months later. It held $900 million of assets from about 340,000 Gemini Earn customers at the time. The SEC said that in creating Gemini Earn, Genesis and Gemini bypassed disclosure requirements meant to protect investors. Genesis agreed in March 2024 to pay a $21 million fine to settle, pending the resolution of claims in its Chapter 11 case, without admitting wrongdoing. Gemini has denied wrongdoing. The SEC has eased oversight of the cryptocurrency industry since Donald Trump became president in January, and is widely expected to remain more supportive of the industry than under the Biden administration. In recent weeks, the SEC has ended civil lawsuits against crypto exchanges Coinbase and Kraken, and agreed to settle a case against cryptocurrency company Ripple Labs over the unregistered sale of securities. Tyler and Cameron Winklevoss are each worth $3 billion according to Forbes magazine. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No. 23-00287. Sign in to access your portfolio
Yahoo
01-04-2025
- Business
- Yahoo
SEC, billionaire Winklevoss twins may resolve lawsuit over Gemini Earn
By Jonathan Stempel NEW YORK (Reuters) - An exchange run by billionaire twins Tyler and Cameron Winklevoss may soon resolve a U.S. Securities and Exchange Commission lawsuit claiming they failed to register a cryptocurrency asset lending program before offering it to retail investors. In a joint letter filed on Tuesday in Manhattan federal court, the twins' Gemini Trust and the SEC asked to put all deadlines in the civil case over Gemini Earn on hold for 60 days to allow the parties to explore a potential resolution. The letter did not say whether this might entail a settlement, the SEC dropping its case, or some other outcome. Neither lawyers for Gemini nor the SEC immediately responded to requests for comment. The SEC sued Gemini and cryptocurrency lender Genesis Global Capital in January 2023 over Gemini Earn, which let customers lend crypto assets including Bitcoin to Genesis in exchange for interest payments, with Gemini taking a fee as high as 4.29%. Genesis halted withdrawals in November 2022, the same month Sam Bankman-Fried's FTX cryptocurrency exchange collapsed, and filed for bankruptcy two months later. It held $900 million of assets from about 340,000 Gemini Earn customers at the time. The SEC said that in creating Gemini Earn, Genesis and Gemini bypassed disclosure requirements meant to protect investors. Genesis agreed in March 2024 to pay a $21 million fine to settle, pending the resolution of claims in its Chapter 11 case, without admitting wrongdoing. Gemini has denied wrongdoing. The SEC has eased oversight of the cryptocurrency industry since Donald Trump became president in January, and is widely expected to remain more supportive of the industry than under the Biden administration. In recent weeks, the SEC has ended civil lawsuits against crypto exchanges Coinbase and Kraken, and agreed to settle a case against cryptocurrency company Ripple Labs over the unregistered sale of securities. Tyler and Cameron Winklevoss are each worth $3 billion according to Forbes magazine. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No. 23-00287. Sign in to access your portfolio
