SEC: US regulator halts investigation into Gemini

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into the crypto-exchange Gemini. In a statement shared on Feb. 26 by Cameron Winklevoss, co-founder and president of Gemini, the regulator indicated that it has completed its investigation. "Based on the information we now have, we will not recommend any enforcement action," the statement read.

On Jan. 12, 2023, the SEC charged Genesis Global Capital and Gemini with offering unregistered securities through Gemini's "Earn" program. However, the regulator stressed that this announcement should not be viewed as an acquittal. It does not rule out the possibility of later action as a result of the investigation.

Winklevoss indicated that the preliminary closure of the investigation after all the damage done is only cold comfort. "The SEC has cost us tens of millions of dollars in legal fees and hundreds of millions in lost productivity, creativity and innovation," he said.

He continued by criticizing the SEC's behavior toward other crypto companies and projects, which he said cost much more and caused an immeasurable loss of economic growth for America.

Recently, the SEC also dropped proceedings against other crypto industry players such as Coinbase, OpenSea, Uniswap Labs and Robinhood Crypto.

"It is completely unacceptable for an agency like the SEC to harass, harass and attack a legitimate industry and then one day say everything is fine and just disappear," Winklevoss concluded his criticism of the regulator's actions.