The US Securities and Exchange Commission (SEC) has closed its investigation into the cryptocurrency exchange Gemini. Gemini's co-founder and chairman Cameron Winklevoss stated that this decision is an important step towards ending the war against the cryptocurrency sector.
The SEC announced in a statement shared on February 26 that the investigation was completed. It was announced that no sanctions would be taken based on the current data. However, it was also emphasized that this decision did not mean that no new action would be taken in the future.
While Winklevoss evaluated the end of the investigation as a positive development, he stated that the SEC's pressure on the crypto sector caused great financial losses. He stated that the SEC acted with unclear regulations and faced crypto companies with millions of dollars in legal expenses. He said that Gemini was not alone in this process and that many crypto projects suffered similar losses.
Gemini was previously accused by the SEC on January 12, 2023, together with Genesis Global Capital, on the grounds that it offered unregistered securities under the "Earn" program. However, the closure of the investigation was a significant relief for Gemini.
SEC Closes Many Investigations Recently
The SEC has recently closed several major investigations into the crypto sector. In addition to Gemini, investigations into major platforms such as Coinbase, OpenSea, Robinhood, and Uniswap were also withdrawn. This indicates that regulatory pressure is gradually easing.
As a result, the SEC’s aggressive regulatory stance against the crypto sector is gradually easing, while a great deal of uncertainty is being lifted for companies like Gemini. However, industry leaders such as Winklevoss state that the damage done by the SEC in the past cannot be ignored and that the sector still needs clear regulations.
