SEC Drops Gemini Probe: Winklevoss Calls for Crypto Regulatory Reform

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Gemini Trust Company, LLC without taking enforcement action, according to a recent filing. The investigation, which lasted 699 days, was confirmed by Gemini co-founder Cameron Winklevoss on social media. He also revealed that a Wells notice was received 277 days ago.

Winklevoss criticized the SEC's regulatory actions, stating that they have caused significant damage to the cryptocurrency industry. He accused the agency of enforcing without clear rules, leading to companies incurring high legal fees and economic losses. Winklevoss called for regulatory reform, including requiring the SEC to compensate affected companies for triple legal fees, dismissing relevant enforcement personnel, and preventing those who abuse regulatory power from holding government positions again.

This development comes on the heels of the SEC withdrawing its lawsuit against Coinbase and terminating its investigations into OpenSea, Robinhood, and Uniswap. The SEC's actions in the cryptocurrency space have been a subject of debate, with some arguing that the agency is overreaching its authority, while others contend that it is necessary to protect investors.

The conclusion of the SEC's investigation into Gemini Trust is a significant development in the ongoing regulatory landscape of the cryptocurrency industry. As the industry continues to grow and evolve, it is crucial for regulators to provide clear guidelines and enforce rules in a fair and transparent manner. The SEC's actions will continue to be closely watched by the industry and investors alike.