Earlier today, the SEC charged crypto firms Genesis and Gemini with allegedly selling unregistered securities. According to department officials, Genesis loaned crypto from Gemini users and sent part of the profits back to Gemini. Gemini would then deduct an agent fee and return what remained of the profit to its users. These programs and activities met the SEC’s definition of a “security” by including both an investment contract and a note. “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. Do you think this move is good or bad for Web3? 🤔