Yigit Taha OZTURK 
The U.S. Securities and Exchange Commission (SEC) has closed its investigation into crypto exchange Gemini without recommending any enforcement action.
In a Feb. 26 notice, Gemini co-founder and president Cameron Winklevoss announced that the SEC had concluded its inquiry and, based on the available information, would not pursue charges against the exchange.
However, the SEC clarified that this does not amount to an exoneration and that future action remains a possibility.
Winklevoss: “SEC Caused Massive Losses!”
Cameron Winklevoss said that while closing the investigation is a step forward, the damage inflicted by the SEC has already been done.
“The SEC cost us tens of millions of dollars in legal fees and hundreds of millions in lost productivity, creativity, and innovation. And we are not alone.”
In January 2023, the SEC had accused Gemini and Genesis Global Capital of offering unregistered securities through Gemini’s Earn program. However, with this latest decision, enforcement proceedings against Gemini have been shelved.
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SEC’s Changing Crypto Policy!
The SEC has recently backed away from multiple crypto-related enforcement actions, dropping cases against Coinbase and OpenSea on Feb. 21 and later closing investigations into Uniswap Labs and Robinhood Crypto.
Former SEC Chair Gary Gensler, known for his aggressive stance against crypto, resigned on Jan. 20, 2025. During his tenure since 2021, the SEC filed over 100 enforcement actions against crypto firms.
Donald Trump, who started his second presidential term on the same day, had previously pledged to fire Gensler and implement a crypto-friendly regulatory environment.
Winklevoss argued that thoughtful legislation is needed to prevent regulatory overreach in the future.
“There must be a cost to be paid for sham investigations and baseless enforcement actions.”
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