• The SEC has dropped investigations in opposition to Coinbase, Robinhood Crypto, and Uniswap
• Cameron Winklevoss stated the consequence does “little to make up for the damage” performed
• He stated there needs to be “thoughtful legislation” to discourage businesses from bullying lawful organizations

The US Securities and Change Fee (SEC) has dropped its investigation of Gemini and won’t pursue an enforcement motion.

The crypto alternate is the newest platform to have an SEC lawsuit in opposition to it finish amid a change in route on the company. In current weeks, the SEC has closed investigations in opposition to Coinbase, Robinhood Crypto, and Uniswap, amongst others.

In a publish on X, Cameron Winklevoss, Gemini’s co-founder, stated the transfer “comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice.”

“While this marks another milestone to the end of the war on crypto…it does little to make up for the damage this agency has done to us, our industry, and America,” he added.

On Monday, the SEC knowledgeable our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and won’t be pursuing an enforcement motion in opposition to us. This comes 699 days after the beginning of their investigation and 277 days after they despatched us a Wells… pic.twitter.com/dTjg9CJXVl

— Cameron Winklevoss (@cameron) February 26, 2025

Expenses in opposition to Gemini

In 2023, the SEC charged Gemini and Genesis World Capital, a crypto lending platform, with promoting unregistered securities via the Gemini Earn product.

On the time, the SEC argued that the pair had misrepresented their enterprise mannequin by promoting returns of up to eight% to traders with out registering as a lending partnership with the related authorities.

Whereas the investigation is at an finish for Gemini, the SEC has price the crypto alternate “tens of millions of dollars in legal bills and hundreds of millions in lost productivity, creativity, and innovation,” Winklevoss stated.

“The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America,” he stated.

Unacceptable habits

Gemini criticized the earlier SEC below former chair Gary Gensler arguing that it was “wholly unacceptable” for the SEC to assault the crypto business “and then decide one day to simply say we’re good and walk away.”

Winklevoss stated “thoughtful legislation” will deter businesses from taking motion in opposition to lawful organizations when these businesses refuse to write down guidelines earlier than opening an investigation. Some concepts he put ahead embody reimbursement, dishonorable discharges, and banning these concerned from being employed by an company once more.