- Gemini, founded by the Winklevoss twins, and Genesis, owned by Barry Silbert's Digital Currency Group, have been in a battle over the fate of $900 million worth of customer funds.According to the SEC, Genesis loaned Gemini users' crypto and sent a portion of the profits back to Gemini, which then deducted an agent fee, sometimes over 4%, and returned the remaining profit to its users.See also: Why the Winklevoss brothers are in a $900 million crypto faceoff with Barry Silbert"Today's charges build on previous actions to make clear to the marketplace and the investing public that crypto lending platforms and other intermediaries need to comply with our time-tested securities laws," SEC chair Gary Gensler said in a statement.The agency is seeking permanent injunctive relief, disgorgement, and civil penalties against both Genesis and Gemini, and noted that "investigations into other securities law violations and into other entities and persons relating to the alleged misconduct are ongoing."Gemini, which was founded in 2015 by bitcoin advocates Cameron and Tyler Winklevoss, has an extensive exchange business that, while beleaguered, could possibly weather an enforcement action."