The U.S. Securities and Exchange Commission (SEC) has officially closed its investigation into crypto exchange Gemini, deciding not to pursue enforcement action. According to Bloomberg, Gemini co-founder Cameron Winklevoss revealed the news on Feb. 26, stating that while the case is over, the damage has already been done. “The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation,” he said.
Winklevoss described the SEC’s actions as part of a broader “war on crypto,” stating that firms have suffered from regulatory attacks that stifled economic growth. He urged lawmakers to push for clearer rules and penalties for baseless enforcement actions.
Crypto Firms Face Big Costs despite Case Dismissals
The Gemini case is just one of several the SEC has recently walked away from. The agency also dropped investigations into Uniswap Labs, Robinhood Crypto (HOOD), OpenSea, and Coinbase (COIN), which was previously accused of operating as an unregistered securities broker. However, Winklevoss argued that merely closing cases is not enough. He called for accountability, suggesting that SEC staff involved in the probes should be publicly fired and crypto firms reimbursed for legal costs.
As the SEC’s stance on crypto shifts, crypto prices will likely experience more volatility. Whether prices go up or down depends on broader market conditions and bullish sentiment from supporters of each respective cryptocurrency. Therefore, it is important for investors to stay ahead by tracking well-established cryptos on TipRanks’ Cryptocurrency Center.
