In a recent Bloomberg report, the United States Securities and Exchange Commission (SEC) officially closed its investigation of the crypto exchange Gemini owned by the Winklevoss twins, Cameron, and Tyler.
One of the twins, Cameron, a co-founder of the exchange, took to X to express relief and frustration at the SEC’s latest decision, stating that the damage had already been done to the crypto industry and the US economy.
Gemini Fires Back at SEC After Investigation Closure
In Cameron’s X post, he criticized the SEC’s previous enforcement efforts, stating that they have caused significant harm not only to their exchange but also to the broader crypto industry and the US economy.
He noted that the SEC’s recent reversals in both lawsuits and investigations into other major crypto players like Coinbase, OpenSea, Robinhood, and UniSwap, are a positive step, but do not fully make up for the damage already done.
“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone. The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America.”
He noted that the SEC’s aggressive enforcement actions have caused the space to lose some talents and investments, hindering the crypto industry’s growth and ultimately harming American interests.
Winklevoss Twins Demand Reimbursement
While stating the damage the SEC has caused to the crypto industry, Cameron called for greater accountability within the agency, proposing reforms such as reimbursement for legal costs incurred during unjust investigations.
He argued that this would help reduce the cases of the SEC pursuing frivolous cases and would provide a measure of justice for companies that have been wrongly targeted.
Gemini has previously found itself at odds with authorities. Last month, the crypto exchange settled with the U.S. Commodity Futures Trading Commission (CFTC) to pay a fine of $5 million.
The CFTC submitted a filing to the U.S. District Court for the Southern District of New York requesting that Gemini pay the fine after it accused the exchange of providing and submitting inaccurate information during its 2017 Bitcoin futures launch.
