The U.S. Securities and Exchange Commission has concluded its investigation into the crypto exchange Gemini, but co-founder Cameron Winklevoss expressed dissatisfaction with the results and implications.
SEC Closes Case Against Gemini
On Monday, the SEC informed crypto exchange Gemini that it would not pursue enforcement charges. This marked the end of a lengthy investigation, but did not address the company's losses.
Cameron Winklevoss's Criticism
Cameron Winklevoss voiced his discontent, stating that legal fees and losses in productivity and innovation cost the company hundreds of millions of dollars. He also noted that the SEC's actions set a dangerous precedent for other federal agencies.
Conflict and Its Aftermath
Winklevoss's criticism isn't limited to the financial aspect. He proposed compensation for triple legal costs for companies if agencies start investigations without clear regulations. Tyler Winklevoss, Cameron's brother, also announced that Gemini would not hire MIT graduates as long as Gary Gensler, former SEC chair, remains teaching there.
Despite the closure of the Gemini case, the conflict between the crypto exchange and the SEC highlights the challenges of regulating the crypto industry in the U.S. and the need for clear rules to prevent similar situations in the future.
