The US Securities and Exchange Commission has closed its investigation into Gemini without charges, but co-founder Cameron Winklevoss has called for the regulator behind the crackdown on the cryptocurrency market to be fined.
the US Securities and Exchange Commission closed its investigation into
#Gemini without filing charges. It decided to close it, joining a series of investigations that concluded this week. The commission also closed investigations into Open Sea, Robinhood and Uniswap, signaling a change in approach to
#cryptocurrency companies. Despite this, Gemini co-founder Cameron Winklevoss is not satisfied. He wants tough punishment for regulators who have been hostile to the crypto industry for years and accountability for the damage done.
The SEC's decision to drop the charges against Gemini is an important development, but Mr. Winklevoss doesn't think it's enough to undo the damage done. Mr. Winklevoss doesn't think it's enough to undo the damage done. He says the SEC sent Gemini a Wells Notice of Possible Use of Force almost a year ago, but no formal charges have been filed. The closing of the case is part of a general trend of the SEC backing off its aggressive stance toward cryptocurrency companies: the SEC recently settled a case with
#Coinbase and is preparing to settle civil fraud cases involving Tron; the SEC also suspended its case against
#Ripple , which technically remains pending; and the SEC also filed a motion to dismiss the case against Gemini.
The SEC has shut down several cryptocurrency investigations, but Winklevoss remains critical of the Commission's actions in the past.
He noted that although the investigation into Gemini was closed, the company had to pay a $5 million fine to the CFTC and its business partner Genesis was fined $38 million. Mr. Winklevoss argued that the SEC's actions were harmful to Gemini and the crypto industry as a whole, and that the SEC's actions are stifling innovation in the U. S.
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