Gemini Co-Founder Calls for SEC Accountability
After the US Securities and Exchange Commission (SEC) dropped its investigation into Gemini without filing charges, co-founder Cameron Winklevoss is demanding accountability from the regulatory agency.
Investigation Closure
- SEC officially closes investigation into Gemini.
- Decision comes after nearly two years of inquiry.
- SEC’s recent trend of dropping cases against crypto firms.
Criticism of SEC’s Actions
Despite the investigation closure, Winklevoss criticized the SEC’s approach, stating that the prolonged inquiry had negative repercussions on the crypto industry and the US economy.
Financial Implications
- Gemini faced tens of millions in legal fees.
- Estimated hundreds of millions in lost innovation and productivity.
Winklevoss emphasized the detrimental impact of the SEC’s enforcement tactics on the industry, discouraging potential entrants and hindering progress.
Proposed Reforms
To address regulatory overreach, Winklevoss proposed the following reforms:
Reimbursement Policy
- Companies should be reimbursed triple their legal costs if investigations do not lead to charges.
Accountability Measures
- SEC officials involved in unjustified actions should be permanently banned from future roles.
- Advocates for a lifetime ban on individuals like Gary Gensler who misuse regulatory power.
Winklevoss stressed the importance of holding regulatory agencies accountable to foster innovation and economic growth in the US.
Call for Consequences
Without real consequences for regulatory overreach, Winklevoss warned of continued hindrance to innovation and economic progress in the country.
Accountability for Actions
- Advocates for a public reckoning to prevent future regulatory misconduct.
Winklevoss highlighted the need for trust and integrity in federal agencies through accountability measures for regulatory actions.
