Gemini Case Dismissed by SEC, Cameron Winklevoss Criticizes Crypto Regulation!

Jakarta, Pintu News – Gemini, the crypto company led by Cameron Winklevoss, recently escaped the scrutiny of the US Securities and Exchange Commission (SEC) after nearly two years of investigation.

According to Cameron Winklevoss, the SEC has decided not to pursue enforcement action against Gemini, almost 700 days after the investigation began and 277 days after the Wells notice was issued.

Check out the full news below!

Gemini Case Closed by SEC

Gemini, founded by Cameron Winklevoss, has been under investigation by the SEC regarding its now-closed Earn program. The program allowed users to lend their crypto assets in exchange for returns but came to a halt when Genesis Global Capital stopped withdrawals during the 2022 bear market.

Although the SEC has closed the case, it emphasizes that this is not an official endorsement and still leaves open the possibility of future action.

Cameron Winklevoss welcomed the closure of the case as an important milestone in ending what he called the “war on crypto”. However, he emphasized that this does not mitigate the “tens of millions of dollars in legal bills” and broader obstacles inflicted on the industry.

Read also: Big Investors Offload Shares, Ethereum ETF Funds Experience Drastic Decline

Cameron Winklevoss’ Criticism of the SEC

Commenting on the case’s closure, Winklevoss not only expressed relief but also strongly criticized the SEC. He believes that the SEC’s actions against the company and other crypto projects have caused immeasurable economic harm to America.

Winklevoss added that the SEC’s behavior has caused significant economic losses and hindered economic growth in the crypto sector. Furthermore, Winklevoss proposed some ideas to prevent similar crackdowns in the future.

He suggested that companies involved in regulatory battles should be compensated three times their legal fees if the agency fails to establish clear rules before initiating an investigation. He also proposed a “dishonorable dismissal” policy for SEC officials involved in enforcement actions deemed unfounded.

Read also: Vitalik Buterin Encourages Adoption of Poseidon Hash Function for Ethereum, What are the Benefits?

Proposed Regulation Change by Winklevoss

In addition to criticism, Winklevoss offers concrete solutions for regulatory reform. He suggests a permanent ban on regulators who have “used the law” from ever serving in government positions again.

“Just as the SEC prohibits individuals from trading securities if they violate the law, there should be a process that prohibits people like Gary Gensler who use the law, as well as those who engage in solicitation, from ever being appointed or employed by the agency again,” Winklevoss said.

Under the leadership of former SEC chairman Gary Gensler, the agency took an aggressive stance against the crypto industry, with more than 100 enforcement actions against companies since 2021. Gensler’s approach, often criticized as “regulation through enforcement,” has shaped the industry’s relationship with regulators.

Conclusion

The SEC’s closure of the Gemini case may bring some relief to the crypto industry, but the debate over the appropriate regulation of this new technology is far from over. Criticism and proposals from figures like Cameron Winklevoss demonstrate the urgent need for dialog and reform in crypto regulation to support innovation while protecting investors.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News for the latest updates on crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu crypto app via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Crypto News. SEC Drops Gemini Case, Cameron Winklevoss Slams Regulatory War on Crypto. Accessed on February 28, 2025
• Featured Image: CNBC