Gemini Co-Founder Slams SEC After Dropped Investigation

The U.S. Securities and Exchange Commission (SEC) has dropped its investigation into Gemini, but Gemini co-founder Cameron Winklevoss isn’t letting it go.

On Wednesday, Winklevoss revealed that the SEC informed Gemini it would not be filing enforcement charges. However, he called the agency’s retreat an unsatisfactory conclusion to a costly and damaging ordeal.

“The SEC cost us tens of millions in legal fees and hundreds of millions in lost productivity, creativity, and innovation,” Winklevoss wrote on X. He accused the agency of stifling economic growth and harming the crypto industry with its aggressive regulatory stance.

Calling for accountability, Winklevoss proposed that any agency failing to establish clear regulations before taking enforcement action should reimburse defendants at three times their legal costs. He also demanded that SEC staff involved in the investigation be publicly fired, stating that regulatory overreach must have consequences.

The SEC’s decision to drop the probe into Gemini follows similar moves regarding Uniswap Labs, Robinhood Crypto, and OpenSea. The agency also recently paused litigation against Tron’s Justin Sun, as well as Coinbase and Binance.

While the SEC has yet to comment, its softened approach raises questions about the future of crypto regulation in the U.S. With industry leaders pushing back, regulatory clarity remains a pressing issue.