The U.S. Securities and Exchange Commission (SEC) recently decided to close its investigation into the cryptocurrency exchange Gemini, which was co-founded by Cameron Winklevoss. This announcement was made via a post on X (formerly Twitter) by Winklevoss, who expressed his dissatisfaction with the SEC’s handling of the matter.
In his post, Winklevoss highlighted that the SEC’s closure of the investigation did not adequately address the damages caused to Gemini by the agency’s actions, which he claimed resulted in tens of millions of dollars in legal costs and significant losses in productivity and innovation for the crypto industry. He argued that the SEC’s overall treatment of crypto entities has led to much greater losses for the economy as a whole.
Winklevoss criticized the lack of accountability for SEC personnel involved in the investigations, suggesting that if the SEC does not establish clear regulations before initiating probes or enforcement actions, it should be obligated to compensate affected parties three times their legal expenses. Additionally, he called for all staff members involved in the investigations against Gemini to be publicly dismissed, suggesting their names and actions should be made transparent.
This call to action reflects his belief that allowing agencies like the SEC to wield their regulatory power without responsibility can lead to future overreach against legitimate industries like cryptocurrency. The SEC’s decision to drop the Gemini probe follows similar actions against other crypto firms, including investigations into Uniswap Labs and Robinhood Crypto.
Winklevoss’s passionate response underscores a broader concern within the crypto community regarding regulatory practices and their impact on innovation and market dynamics.
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