Key Takeaways
- The SEC has ended its investigation into Gemini without charges.
- Cameron Winklevoss demands the SEC reimburse legal costs and fire involved staff.
- The SEC has also dropped investigations into Uniswap, Robinhood Crypto, and OpenSea.
The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into Gemini, a New York-based Bitcoin exchange, without filing any charges.
Gemini co-founder and president Cameron Winklevoss announced the development on Wednesday, criticizing the agency’s handling of the probe and demanding repercussions for those involved.
Winklevoss’s criticism
In a post on X, Winklevoss stated that the SEC’s decision “does little to make up for the damage” inflicted on Gemini, the industry, and the U.S. economy.
He estimated that the investigation cost Gemini “tens of millions” in legal fees and “hundreds of millions” in lost productivity and innovation.
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
Call for accountability
Winklevoss called for strict consequences, proposing that agencies initiating investigations without clear regulations should reimburse defendants at three times their legal costs.
He also demanded that SEC employees involved in the Gemini probe be publicly fired, with their names and roles listed on the SEC website.
Other investigations dropped
The SEC has recently dropped similar investigations into Uniswap Labs, Robinhood Crypto, and OpenSea.
Additionally, it has moved to pause litigation against the Tron Foundation, Justin Sun, Coinbase, and Binance. The agency did not respond to requests for comment.
