5 hours ago
The U.S. Securities and Exchange Commission (SEC) mightiness beryllium done with Gemini, but Gemini isn’t done with the SEC.
According to a Wednesday X post from Gemini co-founder and President Cameron Winklevoss, the SEC informed Gemini connected Monday that it was closing its probe into the New York-based crypto speech and would not beryllium filing enforcement charges against it.
But the anti-climactic solution to the long-running probe was unsatisfying to Winklevoss, who said successful his X station that the SEC’s retreat “does small to marque up for the harm this bureau has done to us, our industry, and America.”
“The SEC outgo america tens of millions of dollars successful ineligible bills unsocial and hundreds of millions successful mislaid productivity, creativity, and innovation,” Winklevoss wrote. “The SEC’s behaviour successful aggregate towards different crypto companies and projects outgo orders of magnitude much and caused unquantifiable nonaccomplishment successful economical maturation for America.”
Winklevoss said that, without consequences for some the SEC and the idiosyncratic unit members progressive successful the investigations of Gemini and different crypto companies, different national agencies could again, successful the future, “bully, harass and onslaught a lawful manufacture and past determine 1 time to simply accidental we’re bully and locomotion away.”
In his post, Winklevoss suggested that immoderate bureau that “refuses to constitute rules earlier it opens an probe oregon brings an enforcement action” should beryllium required to reimburse defendants “for 3x [their] ineligible costs.”
Winklevoss besides called for each SEC unit members progressive successful the probe into Gemini to beryllium publically fired, and their “names, roles, and the actions they participated successful should beryllium posted connected the SEC website.”
“It should not beryllium acceptable to bring the afloat mightiness of the U.S. authorities to carnivore against fledgling companies successful a nascent manufacture and past fell down a faceless bureau oregon accidental you were ‘just doing your job’ oregon ‘following orders.’ These individuals had a choice,” Winklevoss wrote. “They could person asked to beryllium reassigned oregon resigned. Nobody was forcing them to enactment astatine the SEC. Nonetheless they chose to interruption their oath and the agency’s ngo to ‘make a affirmative interaction connected the U.S. economy, our superior markets, and people’s lives’ and alternatively aided and abetted an unlawful warfare against a lawful industry.”
The SEC’s determination to driblet its probe into Gemini comes soon aft it dropped akin investigations into Uniswap Labs, Robinhood Crypto and OpenSea. Earlier Wednesday, the SEC besides filed a associated question to intermission its litigation against the Tron Foundation and Justin Sun, akin to caller motions filed successful its cases against Coinbase and Binance.
The SEC did not respond to CoinDesk’s petition for comment.
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