After years of intense scrutiny, Gemini has finally received the all-clear from the SEC, but co-founder Cameron Winklevoss isn't letting the regulators off the hook just yet. He's calling for some serious consequences for the watchdog's actions against the crypto world.
Winklevoss recently took to Twitter to announce that the SEC has officially closed its investigation into Gemini and decided not to pursue any enforcement action against the crypto exchange. This marks a significant milestone, coming almost two years after the investigation kicked off and nearly a year after Gemini was slapped with a Wells Notice.
In a bold declaration, Winklevoss hailed this decision as a key moment in what he dubbed “the end of the war on crypto.” He pointed to other recent victories, like the SEC dropping its lawsuit against Coinbase and wrapping up probes into OpenSea, Robinhood, and Uniswap.
But Winklevoss isn't popping the champagne just yet. He argues that these victories barely scratch the surface of the damage left in the wake of the SEC's actions. He claims Gemini alone racked up tens of millions in legal fees and lost hundreds of millions in productivity and innovation. According to him, the SEC's heavy-handed approach has been a major buzzkill for the industry, driving away talent and stifling innovation.
Winklevoss believes the lack of clear regulations has left startups floundering in uncertainty, stalling technological progress. So, what's his plan to fix it? He's got a few ideas up his sleeve.
Winklevoss is calling for a series of reforms to hold agencies accountable, including a reimbursement policy that would require them to cover triple the legal costs for companies facing enforcement actions without clear rules. He's also demanding the public firing of SEC officials involved in what he sees as baseless investigations and wants a lifetime ban for those who “weaponize the law,” like former SEC chair Gary Gensler, from holding future government positions.
“We can't rebuild trust and integrity in federal agencies unless we see some serious consequences for bad faith actors,” Winklevoss declared. “Operation Chokepoint didn't stop at 1.0. It continued to 2.0 because not enough was done to hold bureaucrats accountable. And there will be a 3.0 unless there's a real, public reckoning for 2.0.” It looks like Winklevoss is ready to take on the regulators and shake things up in the crypto world!
