SEC has stopped investigating Gemini and will not take action

The SEC has stopped investigating Coinbase, Robinhood Crypto, and Uniswap Cameron Winklevoss. The results stated that they could not “enoughly make up for the damage.”

The Securities and Exchange Commission (SEC) has suspended the Gemini investigation and will not pursue enforcement action.

Crypto Exchange is the latest platform for filing SEC litigation amid changing direction for government agencies. In recent weeks, the SEC has concluded its investigation into Coinbase, Robinhood Crypto, and Uniswap.

In a post to X, Gemini co-founder Cameron Winclevos said, “It will come 699 days after the investigation began and 277 days after we send you the Wells notification.”

“This marks another milestone until the end of the war with cryptography, but rarely compensates for the damage this institution has inflicted on us, to industry and to America,” he added.

On Monday, the SEC notified litigation attorney @Jackbaughman27 that it had concluded its investigation of @Gemini and would not pursue enforcement action against us. This happens 699 days after their investigation began and 277 days after they sent us Wells… pic.twitter.com/dtjg9cjxvl

– Cameron Winclevos (@cameron) February 26, 2025

Accusations against Gemini

In 2023, the SEC charged Crypto Lending platforms Gemini and Genesis Global Capital by selling unregistered securities through Gemini-earned products.

At the time, the SEC alleged that the pair misrepresented their business model by promoting returns of up to 8% to investors without registering as a loan partnership with the relevant authorities.

The investigation is at the end of Gemini, but the SEC was at the cost of crypto exchanges.

“The SEC's total actions on other crypto companies and projects cost orders of magnitude more and more, causing unquantified losses to American economic growth,” he said.

Unacceptable behavior

Gemini has argued the previous SEC under former chairman Gary Gensler that it is “completely unacceptable” for the SEC to attack the crypto industry.

Winklevoss said “thoughtful laws” would prevent agencies from taking action against legitimate organizations if they refuse to write rules before they begin an investigation. Some ideas he proposed include refunds, dishonorable discharges and banning those involved from re-employed.