The SEC has closed its investigation into Gemini, deciding not to pursue enforcement action.
Cameron Winklevoss slammed the SEC, blaming it for massive legal costs and lost innovation.
Gemini is considering an IPO, as the regulatory climate shifts under new SEC leadership.
After nearly 700 days of scrutiny, the U.S. SEC has officially dropped its investigation into Gemini, confirming it will not pursue enforcement action against the crypto exchange.
“This comes 699 days after their investigation began and 277 days after they sent us a Wells Notice,” Gemini co-founder Cameron Winklevoss said on X. “While this marks another milestone in ending the war on crypto, it does little to undo the damage this agency has caused.”
On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl
Regulatory Shift—Crypto Crackdown Reversing Under Trump’s SEC
The SEC’s decision to drop Gemini’s case is part of a larger trend—recently, the agency has withdrawn lawsuits and investigations against Coinbase, OpenSea, Robinhood, and Uniswap as regulatory sentiment shifts.
Former SEC Chair Gary Gensler stepped down in January, paving the way for a more industry-friendly approach.
Acting Chair Mark Uyeda has been rolling back aggressive enforcement actions from the previous administration.
Republican Commissioner Hester Peirce now leads a crypto task force, working on crypto-specific regulations in collaboration with industry leaders.
With crypto firms finally seeing relief, market confidence in regulatory clarity is beginning to return.
Gemini Blasts SEC—Calls for Public Firings
While Gemini may have won this battle, Cameron Winklevoss didn’t hold back in his criticism of the SEC’s handling of the case.
He called for those involved in the agency’s crypto crackdown to be “fired immediately” and “in a public way.”
He estimated the SEC cost Gemini “tens of millions” in legal fees and hundreds of millions in lost innovation.
Beyond Gemini, he blamed the agency for causing “unquantifiable” economic losses in the U.S. crypto sector.
Meanwhile, Gemini is reportedly exploring an IPO, though no final decision has been made. The firm has already paid $55M in settlements across multiple regulatory cases but seems intent on moving forward.
For now, the regulatory tide is turning, and crypto firms may finally be able to focus on growth instead of legal battles.
