"Winklevoss Demands SEC Accountability After Gemini Probe Closure"

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Gemini, the cryptocurrency exchange founded by the Winklevoss twins, without filing any charges. This decision comes amidst a series of dropped investigations this week, including probes into OpenSea, Robinhood, and Uniswap, indicating a shift in the SEC's approach to crypto firms.

Despite the SEC's decision, Gemini co-founder Cameron Winklevoss is unsatisfied and has called for severe penalties against regulators responsible for the years of hostility toward the crypto industry. He demands accountability for the harm caused, arguing that the SEC's actions have delayed innovation in the U.S.

The SEC's investigation into Gemini began nearly a year ago when the agency sent a Wells Notice, signaling potential enforcement. However, no formal charges were ever filed, and the investigation has now been closed. This closure is part of a larger trend where the SEC has been backing off its aggressive stance on crypto firms, recently settling with Coinbase and preparing to resolve a civil fraud case with Tron. The SEC is also delaying its lawsuit against Ripple, although it remains technically active.

Winklevoss is critical of the SEC's past actions, pointing out that Gemini had to pay a $5 million fine to the CFTC, while its business partner Genesis faced a hefty $38 million fine. He argues that the SEC's behavior has been damaging to both Gemini and the broader crypto industry, and he calls for immediate firings of those responsible for these moves. Winklevoss suggests that the SEC should be required to pay Gemini three times the amount of legal fees incurred during the investigation, and that the individuals involved should face lifetime bans from working in federal agencies.

The SEC's investigation into Gemini serves as an example of a policy failure that needs to be addressed with strong consequences, according to Winklevoss. His comments reflect the broader debate within the crypto industry over how to approach the SEC moving forward. Under its previous leadership, the SEC was a major adversary to the crypto sector, with harsh regulations and investigations. However, with new leadership in place, there is now potential for the SEC to become a useful tool for crypto regulation, with the Commission expressing a willingness to create new rules.

This shift presents a dilemma for the crypto industry: should it work with the SEC to create favorable regulations, or continue to challenge and dismantle the agency after years of regulatory hostility? For companies like Gemini and