SEC Drops Case Against Gemini
The U.S. Securities and Exchange Commission (SEC) has ended its investigation into crypto exchange Gemini, opting not to pursue enforcement action, according to co-founder Cameron Winklevoss.
Winklevoss took to X (formerly Twitter) to announce the news, revealing that the SEC’s probe lasted 699 days and included a Wells Notice issued 277 days ago.
Wave of Dropped Crypto Cases
The SEC’s decision to drop the Gemini case follows a broader shift in regulatory stance since President Trump took office. Over the past few weeks, the SEC has withdrawn lawsuits and closed investigations into multiple crypto firms, including:
- Coinbase
- OpenSea
- Robinhood
- Uniswap
This shift comes under Acting SEC Chair Mark T. Uyeda, who has rolled back enforcement actions initiated under former chair Gary Gensler. Republican Commissioner Hester Peirce now leads a crypto task force that aims to work with the industry to establish clear regulatory guidelines.
Gemini’s Legal Battles and Future Plans
Despite the SEC dropping its case, Gemini has faced significant legal challenges. In January, Gemini paid $5 million to settle a Commodity Futures Trading Commission (CFTC) lawsuit. In June 2024, it agreed to a $50 million settlement with New York’s Attorney General.
Amid its legal troubles, Gemini is considering an IPO in 2025, according to Bloomberg. While no final decision has been made, a public listing could help the company expand and regain investor confidence.
Winklevoss remains critical of the SEC’s past actions, stating the agency cost crypto companies hundreds of millions in legal fees and lost innovation. However, with regulatory pressure easing, Gemini may be in a stronger position for future growth.
