The Gemini led by Winklevoss are the last crypto company to shake control of the American Securities Commission and Exchange Commission, while the agency has closed its investigation after almost two years.
According to the co-founder Cameron Winklevoss, the commission decided not to continue implementing measures against Gemini almost 700 days after launching his investigation and 277 days after having made a notice of Wells.
Gemini was originally billed alongside Genesis Global Capital in January 2023 during his EAGE program, now final, which, according to the SEC, involved the sale of unregistered securities. The program allowed users to lend cryptographic assets in exchange for return, but collapsed after Genesis stopped withdrawals during the 2022 bear market.
Although the case is now closed, the SEC clearly said that it is not an official exemption and left the door open for future action.
Winklevoss described the recent development of milestone in the end of the “war against crypto”, but argued that it did not do much to cancel the “tens of millions of dollars in legal invoices” and the wider reverse inflicted on industry.
“The behavior of the dry in general towards other crypto societies and the projects costs more the orders of magnitude and caused a non-quantifiable loss of economic growth for America,” he added.
Winklevoss did not stop to criticize the dry – he presented some ideas to prevent similar repression in the future.
He called for reimbursement measures, arguing that companies taken from regulatory battles should be compensated three times their legal costs if an agency failed to establish clear rules before launching an investigation.
In addition, he suggested a policy of “dishonorable liberation”, where the SEC officials involved in what he considers as a baseless application would be dismissed publicly, with their names and roles listed on the agency’s website.
Winklevoss also proposed a prohibition from the agency, where regulators who “armed the law” would not be permanent to occupy government positions.
“Just as the dry prohibits individuals from negotiating titles if they violate the law, there should be a process that prohibits those like Gary Gensler who armed the law, as well as those who participate in armament, of always appointed or hired by an agency,” he added.
Under the former SEC President, Gary Gensler, the agency has taken an aggressive position against the cryptographic industry, bringing more than 100 measures to apply the law against companies since 2021. Its mandate has seen prosecution against large companies, including Coinbase, Binance, Ripple and Kraken, on allegations of operation as platforms of non-registered titles.
The approach of peopleler, often criticized as “regulation by application”, has led to legal battles that have shaped industry relations with regulators.
Since the departure of peopleler in January, the SEC has started to recall its cryptographic dispute. Throughout February, the agency closed its surveys on Coinbase, Opensea, Uniswap Labs and Robinhood Crypto.
