27-2-2025 – Gemini, the prominent digital asset exchange, has emerged unscathed from a protracted Securities and Exchange Commission (SEC) probe, as disclosed by co-founder Cameron Winklevoss via social media platform X.
The regulatory body’s decision to cease its investigation reflects a broader transformation in America’s cryptocurrency oversight, coinciding with the Trump administration’s recent ascendancy. This shift has triggered a cascade of withdrawn cases against several influential digital asset entities, including industry stalwarts Coinbase, OpenSea, Robinhood, and UniSwap.
On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl
— Cameron Winklevoss (@cameron) February 26, 2025
In a rather pointed commentary, Winklevoss highlighted the considerable toll of the investigation, which spanned nearly two years and followed a Wells Notice by more than nine months. The Gemini co-founder did not mince words when describing the financial impact, citing legal expenses in the tens of millions and claiming the probe had stifled innovation to the tune of hundreds of millions.
The regulatory metamorphosis has been particularly pronounced since Acting Chairperson Mark T. Uyeda assumed leadership following Gary Gensler’s departure in January. Under this new stewardship, the SEC has embraced a markedly more accommodating stance towards the digital asset industry, with Republican Commissioner Hester Peirce spearheading a dedicated cryptocurrency taskforce focused on regulatory clarity.
Whilst Gemini contemplates a potential stock market debut later in the year, the exchange’s regulatory challenges have not entirely dissipated. The firm recently reached settlements with other oversight bodies, including a $5 million agreement with the Commodity Futures Trading Commission regarding misleading communications, and a more substantial $50 million resolution with New York state authorities.
Industry observers interpret this regulatory retreat as a watershed moment for cryptocurrency markets.
