GEMINI Trust, owned by billionaire Winklevoss twins, was told by the US Securities and Exchange Commission (SEC) that the agency has closed its investigation into the crypto exchange according to a posting on X by Cameron Winklevoss.
A spokesperson for the SEC did not respond to a request for comment. Gemini also did not respond to a request for comment from Bloomberg News.
The posting contained a photo of a letter dated Feb 24 from the SEC, which said the agency staff “do not recommend an enforcement action by the Commission” against Gemini. Neither the letter nor the post elaborated on what was the nature of the investigation.
In the post, Winklevoss said the agency’s investigation cost Gemini “tens of millions of US dollars in legal bills alone.” The SEC began its investigation 699 days ago, and sent its Wells Notice, threatening to sue the company, 277 days ago, Winklevoss said.
“It’s wholly unacceptable for an agency such as the SEC to bully, harass, and attack a lawful industry and then decide one day to simply say we are good and walk away,” he wrote.
In recent days, the SEC promised to dismiss charges against crypto exchange Coinbase Global, and cancelled its investigation of DeFi exchange Uniswap. The agency is working to curb many crypto-related enforcement actions from the Biden administration. President Donald Trump has promised the industry new laws and regulations that let it flourish in the US.
Cameron and Tyler Winklevoss, who came to prominence clashing with Facebook founder Mark Zuckerberg over ownership of the social network, both donated Bitcoin in excess of the maximum allowed amount to Trump’s campaign and were refunded the difference. BLOOMBERG
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