The SEC has officially dropped its investigation into Gemini, the cryptocurrency exchange co-founded by Cameron Winklevoss, without taking any action. Winklevoss announced the good news on social media.
SEC Closes Gemini Investigation
The SEC’s February 24th letter stated that they wouldn’t be taking any enforcement action against Gemini. This ends a nearly two-year investigation that included a warning letter (“Wells Notice”) sent several months prior.
A Costly Victory
While relieved, Winklevoss pointed out the huge financial burden the investigation placed on Gemini – tens of millions of dollars in legal fees. He criticized the SEC’s tactics, calling them “bully, harass, and attack” methods that hurt the crypto industry’s innovation.
A Softening of the SEC’s Stance?
This decision follows the SEC’s dismissal of charges against Coinbase and the closing of their Uniswap inquiry. This suggests a possible shift in the SEC’s approach to crypto regulation, perhaps influenced by changing political climates and promises of friendlier regulations.
Winklevoss Calls for Reform
Winklevoss isn’t just celebrating; he’s calling for major SEC reforms. He suggests that if the SEC investigates a company without clear rules, they should repay legal fees threefold. He also wants the SEC to publicly name and shame any employees involved in unfair enforcement actions.
Looking Ahead
Winklevoss sees this as a win, but just one step in a larger battle for fair and accountable crypto regulation. He’s optimistic about the future of crypto, but the fight for better regulation is far from over.
