“It was an aggressive move to offer the general public a brand new interest-bearing product without clear regulatory approval — and this time Gemini didn’t ask the Department of Financial Services for permission ahead of time, according to two people familiar with the approval process. To knowledgeable observers in the crypto world, the logic of the Winklevosses’ strategy shift toward riskier and more aggressive product offerings was obvious enough. “They were hemorrhaging market share,” said Cory Klippsten, the CEO of Swan Bitcoin, a digital currency financial services company. “In an effort to stay alive, they basically did exactly what SBF did, which was go after retail deposits.”
https://nymag.com/intelligencer/2023/12/how-the-winkleviis-second-act-in-bitcoin-went-bad.html