SEC Drops Investigations Against Major Crypto Platforms
- The SEC has dropped investigations against Coinbase, Robinhood Crypto, and Uniswap
- Cameron Winklevoss expresses dissatisfaction with the outcome
- Call for legislation to prevent agencies from targeting legal entities
The US Securities and Exchange Commission (SEC) has recently closed its investigation into Gemini and announced that no enforcement action will be taken against the crypto exchange.
This decision comes amidst a shift in approach by the SEC, with investigations against other major platforms like Coinbase, Robinhood Crypto, and Uniswap also being concluded without enforcement actions.
Cameron Winklevoss’ Response
In a statement on X, Cameron Winklevoss, co-founder of Gemini, expressed his disappointment with the outcome, mentioning that the investigation lasted nearly 700 days.
He emphasized that while it signifies progress in the regulatory environment for crypto, the damage caused by the SEC’s actions cannot be overlooked.
The SEC informed our legal team that they will not pursue any actions against Gemini. This decision comes after a lengthy investigation period. While it’s a step forward, the damage inflicted by the SEC remains.
— Cameron Winklevoss (@cameron)
Previous Charges Against Gemini
Back in 2023, the SEC charged Gemini and Genesis Global Capital for selling unregistered securities through the Gemini Earn product. This led to a legal battle where the SEC alleged misleading practices by the platforms.
Despite the investigation ending in favor of Gemini, the exchange incurred significant financial losses due to legal expenses and hindered operations.
Criticism of SEC’s Behavior
Gemini criticized the SEC, particularly under the leadership of Gary Gensler, for its inconsistent approach towards the crypto industry. Winklevoss described the behavior as unacceptable and called for legislative measures to prevent similar actions in the future.
He proposed implementing consequences for agencies that target lawful entities without clear regulatory guidelines, suggesting penalties like reimbursement and restrictions on future employment within regulatory bodies.
