Key Points:
- The SEC has ended its probe into Gemini exchange, deciding not to take enforcement action, though it left open the possibility of future actions.
- Since Gary Gensler’s departure, the SEC under Acting Chair Mark T. Uyeda has been reversing enforcement actions against crypto firms.
The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Gemini exchange, the entity owned by billionaire twins Cameron and Tyler Winklevoss.
The decision, confirmed in a Feb. 24 letter from the SEC, means the agency will not pursue enforcement action against the company.
SEC Ends Investigation Into Gemini Exchange Without Enforcement Action
Cameron Winklevoss shared the news in a post on X, attaching an image of the letter. While the announcement confirmed the investigation’s conclusion, neither the letter nor Winklevoss’ post provided details on the nature of the probe.
Winklevoss criticized the SEC’s previous leadership for its handling of crypto regulations and called for those responsible for what he described as regulatory overreach to be publicly dismissed.
According to the Gemini co-founder, the nearly two-year-long investigation imposed significant financial strain on his company, amounting to tens of millions of dollars in legal expenses. The SEC issued a Wells Notice to Gemini exchange 277 days ago, before ultimately deciding to drop the matter.
Despite ending this particular inquiry, the SEC clarified that its decision does not preclude the possibility of future actions related to the investigation’s findings.
The Future of Crypto Regulation Is Becoming Clearer
The closure of the case comes as the SEC reassesses its regulatory approach to the cryptocurrency sector. Since the departure of former SEC Chair Gary Gensler on Jan. 20, the agency has shifted course under Acting Chair Mark T. Uyeda.
Gensler, who led the SEC from 2021, pursued a strict regulatory stance on digital assets, initiating over 100 enforcement actions against crypto firms.
Under Uyeda’s leadership, the SEC has been reversing some of its previous enforcement decisions, aligning with President Donald Trump’s stated commitment to fostering a more favorable regulatory environment for cryptocurrency.
Several lawsuits and investigations against major crypto firms, including Coinbase, OpenSea, Robinhood, and Uniswap, have been dropped or suspended in recent weeks.
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