SEC Concludes Investigation on Gemini; Winklevoss Twins Seek Compensation

The U.S. Securities and Exchange Commission (SEC) may have ended its investigation into Gemini, but the New York-based crypto exchange is not ready to let go.

In a post on Wednesday, Gemini co-founder and President Cameron Winklevoss revealed that the SEC had informed Gemini on Monday that it was concluding its inquiry and would not be taking any enforcement measures against the exchange.

However, Winklevoss found the resolution of the prolonged investigation to be unsatisfactory, stating in his post that the SEC's withdrawal "does little to make up for the harm this agency has caused to us, our sector, and America."

"The SEC's actions cost us tens of millions of dollars in legal fees alone and hundreds of millions in lost productivity, creativity, and innovation," Winklevoss wrote. "The SEC's overall behavior towards other crypto businesses and initiatives cost orders of magnitude more and caused immeasurable harm to America's economic growth."

Winklevoss expressed concern that without repercussions for the SEC and its staff involved in investigating Gemini and other crypto companies, other federal agencies might repeat the same pattern in the future. He suggested that any agency that "refuses to write rules before it opens an investigation or brings an enforcement action" should be required to reimburse defendants "for 3x [their] legal costs."

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Winklevoss called for all SEC staff involved in the Gemini investigation to be publicly terminated and for their "names, roles, and the actions they participated in to be posted on the SEC website."

"It should not be acceptable for the full power of the U.S. government to be used against emerging companies in a new industry and then for those responsible to hide behind a faceless agency or claim they were 'just doing their job' or 'following orders,'" Winklevoss wrote. "These individuals had a choice. They could have asked to be reassigned or resigned. No one was forcing them to work at the SEC. Nevertheless, they chose to violate their oath and the agency's mission to 'make a positive impact on the U.S. economy, our capital markets, and people's lives' and instead aided and abetted an unlawful war against a lawful industry."

The SEC's decision to end its investigation into Gemini comes after it dropped similar inquiries into Uniswap Labs, Robinhood Crypto, and OpenSea. Earlier on Wednesday, the SEC filed a joint motion to suspend its litigation against the Tron Foundation and Justin Sun, similar to recent motions filed in its cases against Coinbase and Binance.

The SEC did not respond to CoinDesk’s request for comment.

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