SEC closes the investigation of Gemini, Winklevoss seeks to pay

The co -founder of Jimini Cameron Winkelvos announced that the US Securities and Stock Exchange Committee (SEC) has officially closed its investigation into the exchange of cryptocurrencies and will not follow enforcement procedures.

This decision comes approximately two years after the start of the investigation and more than nine months after Gemini received Wales notice.

SEC closes the condition of Gemini

At the end tweetWinklevoss described SEC’s decision as a milestone in what he called “the end of the war on encryption”, pointing to similar modern developments, such as SEC withdrawal from Coinbase and closing investigations into Opensea, RobinHood and Uniswap.

However, he argued that these results do little to compensate for the financial damage and reputation resulting from the cryptocurrency industry.

According to Winklevoss, GIMINI alone incurred tens of millions of dollars in legal expenses and suffered hundreds of millions of lost productivity and innovation. He claimed that the broader regulatory position of the paper monitoring of securities had strangled the industry, and led the engineers and businessmen out of encryption with the inhibition of new projects for crystallization.

He said that the lack of organizational clarity has created an environment in which emerging companies were forced to move in an unconfirmed space instead of focusing on technological progress.

Payment, shooting, and lifetime ban

In response to what he described as an organizational exceeding, Winklevoss suggested a series of repairs to holding agencies accountable for their actions. Among these, the payment policy required them to cover the three legal costs incurred by companies facing enforcement procedures in the absence of clear rules.

He also called for the immediate and public termination of SEC officials involved in what he described as unjustified investigations, on the pretext that individuals should personally bear the follow -up of the issues they did not really believe in. Moreover, he called for a lifelong ban to prevent individuals such as former SEC president Gary Ginsner, who “Blind the Law”, from future government sites.

“We will not rebuild confidence and integrity in federal agencies unless there are severe consequences for bad intentions. The CokePoint process did not stop at 1.0. It continued to 2.0 because it was not done enough to hold the bureaucrats accountable for their actions during 1.0. There will be 3.0 unless there was a real account, in 2.0.”