SEC Drops Gemini Probe After 699 Days, Winklevoss Alleges Millions in Losses

The US Securities and Exchange Commission (SEC) has concluded its investigation into Gemini, a cryptocurrency exchange co-founded by Cameron Winklevoss, without filing any charges. However, Winklevoss has publicly criticized the agency, alleging that its actions have caused significant financial and operational harm to the crypto industry.

On Monday, the SEC informed Gemini's legal team that it had closed its probe into the cryptocurrency exchange. The investigation lasted for 699 days, and the agency had previously issued a Wells Notice to Gemini 277 days ago. Despite the SEC's decision to drop the case, Winklevoss expressed frustration, arguing that the prolonged scrutiny had harmed the company and the broader industry.

"This comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice," Winklevoss said in a post on X. "The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation."

The SEC has not provided a public statement on the decision to end its investigation. The case was part of a broader regulatory crackdown on cryptocurrency firms, which also included actions against other major industry players.