Catenaa, Saturday, March 01, 2025-The US Securities and Exchange Commission(SEC) has ended its investigation into crypto exchange Gemini without pursuing enforcement action, Gemini co-founder Cameron Winklevoss announced Wednesday.
“This comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice,” Winklevoss posted on X. He criticized the SEC’s approach, saying it caused financial harm to the industry and hindered innovation.
The move is part of a broader regulatory shift under Acting SEC Chair Mark T. Uyeda, who has rolled back several enforcement actions against crypto firms since taking over from former Chair Gary Gensler on Jan. 20. The SEC has recently dropped cases against Coinbase, OpenSea, Robinhood and UniSwap. Republican Commissioner Hester Peirce now leads a task force aimed at drafting industry-specific regulations.
Winklevoss called for the removal of officials responsible for past enforcement efforts. “The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity and innovation,” he wrote.
The regulatory pivot comes as Gemini considers a potential initial public offering. Bloomberg reported earlier this month that the exchange was exploring a public listing, though no final decision has been made.
Despite the investigation closing, Gemini still faces legal challenges. In January, the company paid $5 million to settle a case with the US Commodity Futures Trading Commission, and last year, it agreed to a $50 million settlement with the New York attorney general.
