SEC Ends Gemini Investigation Without Enforcement Action

The 699-day probe into the crypto exchange concludes as Cameron Winklevoss criticizes the agency’s impact on the industry.

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Gemini Trust without pursuing enforcement action, according to co-founder Cameron Winklevoss.
Winklevoss called the investigation costly, claiming it resulted in tens of millions in legal fees and hundreds of millions in lost productivity and innovation for Gemini and the broader crypto industry.
The SEC’s decision follows similar withdrawals of enforcement actions or investigations involving other crypto entities, including Coinbase, Robinhood, and OpenSea.
Winklevoss criticized the SEC’s regulatory approach, calling for reforms such as financial reimbursement for companies targeted by baseless actions and public accountability for agency staff involved in overreach.
The closure of the Gemini probe is seen as part of a broader shift in the SEC’s enforcement strategy under new leadership, signaling a potential easing of its aggressive stance on cryptocurrency regulation.