The US Securities and Exchange Commission (SEC) has concluded its investigation into Gemini Trust Company, LLC, choosing not to take enforcement action. This follows similar decisions in recent days regarding Robinhood and Uniswap. In just three days, the SEC has ended three high-profile investigations, sparking speculation about which company will be next to have its case closed.
Gemini co-founder Cameron Winklevoss confirmed on social media that the investigation into his company lasted 699 days, noting that he received a Wells notice 277 days ago.
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
— Cameron Winklevoss (@cameron) February 26, 2025
Winklevoss expressed frustration with the SEC’s regulatory actions, claiming they caused significant losses for the crypto industry. He accused the agency of enforcing regulations without clear guidelines, forcing companies to incur hefty legal fees and suffer economic damage. Winklevoss also called for regulatory reforms, including requiring the SEC to compensate affected companies three times their legal expenses, firing relevant law enforcement officers, and barring those who abuse their regulatory power from holding government positions.
Winklevoss wrote, “I’m glad to be turning the page here as an industry, but this is not the end, rather the beginning towards ensuring this never happens again to the crypto industry or any other exciting, new frontier industry in the future.”
He also reiterated his previous stance of banning former SEC Chair Gary Gensler from being hired by any agency again, in response to his actions against companies that were shut down due to his involvement in the weaponization of the law.
This investigation into Gemini is not an isolated case. The SEC had previously dropped its lawsuit against Coinbase and ended its probe into OpenSea. More recently, Tron founder Justin Sun and the SEC filed a joint motion requesting a federal judge to suspend the lawsuit against Sun and his company, Tron.
As the SEC shifts under new leadership, many are wondering how the regulatory landscape for crypto will evolve. The SEC’s new approach seems to pick up where the regulatory team under former Chairman Gary Gensler left off, working to establish a more conducive environment for business. This change also signals the beginning of a fresh slate, with renewed efforts to determine proper crypto regulations.
In addition, the SEC’s crypto task force has been meeting with industry leaders and experts, including executives from Chia Network and Better Markets, to create clearer and more effective regulatory policies.
Also Read: Gemini Co-founder: No MIT Graduates Will Be Hired Due to Gensler’s Return