The SEC concluded its investigation into the Gemini platform without imposing sanctions, marking a significant moment in the regulation of the crypto industry.
SEC Investigation Closure
The decision to close the investigation was made approximately 700 days after it started and 280 days post the issuance of a Wells Notice. This was an unexpected yet pivotal outcome for the industry.
Winklevoss's Statement
Winklevoss described this event as a turning point in the regulatory battle for cryptocurrencies, criticizing the SEC for the financial and operational challenges caused by their actions. He noted the significant costs incurred by the company due to the SEC.
Impact on the Industry
Winklevoss pointed out that the SEC's behavior has harmed the industry as a whole by stifling economic growth in the US. He also emphasized that many engineers and entrepreneurs have left or avoided the industry due to a tough regulatory environment.
The SEC's decision to conclude the investigation without sanctions paves the way for a reassessment of the regulatory approach to the crypto industry and its participants.
