BREAKING: One Good News After Another From SEC For Cryptocurrency Market – Long Lasting Gemini Lawsuit Withdrawn

According to the latest development, the SEC closed the investigation into Gemini without imposing any sanctions.

Winklevoss explained in a statement that the SEC informed Gemini’s legal team of the decision approximately 700 days after it launched its investigation and approximately 280 days after it issued a Wells Notice. He called the outcome a turning point in the broader regulatory battle against the crypto industry, but criticized the agency for the financial and operational toll it has taken on the company and the industry at large.

Winklevoss likened the SEC’s decision to recent developments in other high-profile cases, such as the withdrawal of a lawsuit against Coinbase and the closing of investigations into OpenSea, Robinhood and UniSwap, but argued that these moves fail to offset the damage caused by prolonged regulatory uncertainty.

“The SEC alone has cost us tens of millions of dollars in legal bills and hundreds of millions of dollars in lost productivity, creativity, and innovation,” Winklevoss said. “Of course, Gemini is not alone. The SEC’s behavior toward other crypto companies and projects has been far more costly and has caused immeasurable loss of economic growth for America.”

He also questioned the long-term impact of regulatory pressure on the crypto space, suggesting that many engineers and entrepreneurs have left or avoided the industry due to the difficult regulatory environment.

*This is not investment advice.