Billionaire Winklevoss Twins’ $900M Disaster Is No Shock

Why was Gemini, in my understanding as a fully US-compliant financial services company, able to offer such junk bonds/investments to retail investors?

I understand that FTX/Celsius/whatever else was in a legal gray area because they weren’t offering what would be illegal financial products to US-based customers (hence FTX US as a separate company), but has the SEC really not made any judgements or strict “guidance” to US-based crypto companies regarding what are essentially junk CDs? Especially since we’ve seen time and time again now these advertised APRs are not sustainable and border on willful false advertising if not outright fraud. Certainly the SEC knows that?

Not your keys, not your coin. Best practice is to try to minimize the amount of time you leave Bitcoin on an exchange. Don't ever loan it out! What could they possibly be doing with it that is a safe investment?