- The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Gemini
- Gemini co-founder Cameron Winklevoss announced the closure of the SEC’s investigation via a tweet, expressing relief and calling for legislative measures to protect the cryptocurrency industry
- The specific focus of the SEC’s investigation into Gemini has not been publicly disclosed
The rollback of Gary Gensler-era enforcement has continued at the U.S. Securities and Exchange Commission (SEC), which has concluded its investigation into the Gemini exchange without recommending any enforcement action. Cameron Winklevoss, co-founder of Gemini, shared this news through a tweet, expressing relief over the outcome and advocating for legislative measures to safeguard the cryptocurrency industry. Gemini is the latest exchange to see the SEC drop its investigation as the agency abandons its regulation by enforcement approach, with Uniswap, Coinbase, Robinhood, and more all seeing their cases or investigations scrapped.
SEC Investigation Concludes Without Action
Cameron Winklevoss announced the resolution of the case via X, noting that the SEC had informed Gemini’s litigation counsel, Jack Baughman, about the closure of its investigation into the exchange:
On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl
— Cameron Winklevoss (@cameron) February 26, 2025
Winklevoss stated that, while grateful for the SEC’s about-turn, “it does little to make up for the damage this agency has done to us, our industry, and America.” Winklevoss added that the SEC has cost the exchange “tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation,” noting how the SEC’s “behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America.”
Details of the Investigation Remain Confidential
While the conclusion of the SEC’s investigation brings relief to Gemini, the specific focus of the probe has not been publicly disclosed, although it can be assumed to have revolved around the sale of securities.
Neither the SEC nor Gemini has provided details regarding the nature or scope of the investigation. This lack of information leaves industry observers speculating about the potential issues that may have been under scrutiny.
In his post, Winklevoss also emphasized the need for legislative action to protect the cryptocurrency industry and hold accountable those who engage in misconduct. He remarked, “It’s time for Congress to step in and ensure the future of crypto is protected in the U.S.” This statement reflects a growing sentiment among industry leaders for clearer regulatory frameworks that support innovation while safeguarding investors.
