Regulation
Cameron Winklevoss Slams US SEC After Dropping Lawsuit Against Gemini
The US Securities and Exchange Commission (SEC) has ended its investigation into Gemini without filing any charges. However, Gemini co-founder Cameron Winklevoss has strongly criticized the agency, accusing it of causing financial and operational harm to the crypto industry.
US SEC Ends Gemini Investigation Without Charges
On Monday, the US SEC informed Gemini’s legal team that it had closed its probe into the cryptocurrency exchange. The investigation lasted 699 days, and the agency had previously issued a Wells Notice to Gemini 277 days ago. Despite the SEC’s decision to drop the case, Winklevoss expressed frustration, arguing that the prolonged scrutiny harmed the company and the broader industry.
“This comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice,” Winklevoss said in a post on X. “The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation.”
The US SEC has not provided a public statement on the decision to end its investigation. The case was part of a broader regulatory crackdown on cryptocurrency firms, which also included actions against other major industry players.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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