SEC Closes Investigation Into Gemini Without Enforcement Charges

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Gemini without filing enforcement charges. Cameron Winklevoss, co-founder of Gemini, expressed dissatisfaction with the resolution, stating:

• The SEC's actions resulted in tens of millions in legal costs and significant losses in productivity and innovation.
• Winklevoss criticized the lack of accountability for SEC staff involved in investigations, suggesting that other agencies may repeat similar behavior without consequences.
• He proposed that agencies should reimburse defendants threefold for legal costs if they fail to establish rules before investigations.
• Winklevoss called for the public dismissal of SEC staff involved in the Gemini probe and transparency regarding their actions.

This conclusion follows the SEC's recent decisions to drop similar investigations into Uniswap Labs, Robinhood Crypto, and OpenSea, as well as a motion to pause litigation against the Tron Foundation and Justin Sun.