One more exchange escapes the regulatory scrutiny. The US Security and Exchange Commission (SEC) has closed its investigation on the crypto exchange Gemini, revealing the agency will not take enforcement action against the exchange. Earlier, Robinhood Crypto, OpenSea, and Uniswap Labs recieved similar investigation stoping notice from SEC.
SEC has stopped its investigation on the billionaire twins Cameron and Tyler Winklevoss-owned crypto exchange Gemini. In a notice shared by Gemini President Cameron Winklevoss, the SEC confirms that it has stopped investigating the exchange, and based on the available data, the regulator will not pursue an enforcement action.
The investigation which lasted almost two years, is finally over, giving relaxation to the Gemini founders. In January 2023, the SEC filed a case against crypto lending firm, Genesis Global Capital and digital exchange, Gemini, for providing unregistered securities through the exchange’s ‘Earn’ program.
Gemini’s President and Co-founder, Cameron, criticized SEC’s previous leadership for their approach towards crypto. Gemini is not the only exchange the SEC has filed a case against, the list is wider, and even the popular exchange, Binance, also has some ongoing grudges against the SEC.
However, the SEC confirmed that ending this case doesn’t mean that there will not be any future actions based on the investigation findings.
With the Donald Trump-headed government and the new leadership in SEC, the crypto industry is witnessing a more friendly environment in the US. The stopping of ongoing investigations, approvals of ETFs, and fewer restrictions on crypto highlight the vision of new leaders. Donald Trump, the President of the US has even launched a meme coin under his name, showing his interest in crypto.
Gemini Co-Founder Cameron Winklevoss Demands Compensation
Though the SEC has dropped its investigation on crypto exchange Gemini, the Gemini founders are not happy, asking compensation for the impact the investigation has made on the exchange.
The two-year-long SEC investigation has cost a lot for Gemini. Meeting the legal expenses, the company has lost tens and millions of dollar, creating a financial strain in the entire exchange. In his X post, Cameron shared that the SEC’s retreat will not make up for the damage the agency has made to Gemini, and to the whole crypto industry.
Cameron heavily criticized SECs act of filing a case, conducting long term investigations, and stoping the case like nothing has happened. He also added that the harassment and attack the act had on the company is unimaginable and SEC needs to recompnsate for that.
His post also asks SEC to fire all the staff members who were involved in the probe into the Gemini and their details including name, role, and action they particpated to be published on the SEC’s website.
Not Only Gemini, SEC Stopped Investigation On Many Other Crypto Firms
Before Gemini, SEC has stopped its ongoing investigations on Uniswap Labs, OpenSea, and Robinhood Crypto. SEC has also withdrawed its lawsuit on Coinbase and also filed a joint motion to temporarily stop its litigation against Tron Foundation and Justin Sun.
The shifted move of SEC shows the attitude of new SEC leaders towards crypto. Mark Uyeda, the acting Chairman of SEC is a crypto pioneer, making many hope a loosened cryptocurrency policies in the US.