The U.S. Securities and Exchange Commission (SEC) has announced the closure of its investigation into the Gemini crypto exchange

According to a notice shared by Gemini co-founder Cameron Winklevoss, the SEC informed their legal team on Monday that the investigation has concluded and, based on the information available, the agency will not recommend any enforcement action at this time.

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Gemini, the crypto exchange founded by the Winklevoss twins, without recommending any enforcement action at this time.

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Gemini, the crypto exchange founded by the Winklevoss twins, without recommending any enforcement action at this time.

The agency’s decision, which was communicated to Gemini’s legal team on Monday, comes 699 days after the probe began and 277 days after the SEC issued a Wells Notice, signaling the potential for an imminent lawsuit.

The agency’s decision, which was communicated to Gemini’s legal team on Monday, comes 699 days after the probe began and 277 days after the SEC issued a Wells Notice, signaling the potential for an imminent lawsuit.

While this development will provide some relief for Gemini, it’s crucial to highlight that the SEC’s notice does not indicate an acquittal of the company. The agency explicitly stated that its conclusion is not final, leaving open the possibility of future action.

The SEC’s investigation focused on Gemini’s “Earn” program, which the regulator alleged involved the twins’ company offering unregistered securities through a partnership with Genesis Global Capital.

The SEC’s investigation focused on Gemini’s “Earn” program, which the regulator alleged involved the twins’ company offering unregistered securities through a partnership with Genesis Global Capital.

The crypto lending firm, which filed for bankruptcy in January 2023, was cooperating with the SEC in its investigation.

In his post, Cameron Winklevoss also spoke about the astronomical legal costs that Gemini had to shoulder throughout this ordeal—tens of millions of dollars—and the broader economic losses resulting from the SEC’s actions.

In his post, Cameron Winklevoss also spoke about the astronomical legal costs that Gemini had to shoulder throughout this ordeal—tens of millions of dollars—and the broader economic losses resulting from the SEC’s actions.

“The intent may have been to protect the American people, but the outcome was to harm American innovation as crypto talent fled to other sectors and good intentions went unfunded,” he wrote.

“So where do we go from here? It’s wholly unacceptable for an agency like the SEC to bully, harass, and attack a lawful industry and then decide one day to simply say we’re good and walk away. Unless there is a cost and price to be paid for this behavior, it will happen again.”

This news comes after the SEC recently withdrew lawsuits against Coinbase and several other major crypto firms, and closed probes into OpenSea, Robinhood, and Uniswap.

This news comes after the SEC recently withdrew lawsuits against Coinbase and several other major crypto firms, and closed probes into OpenSea, Robinhood, and Uniswap.

This development could also have implications for other high-profile cases, such as the ongoing legal battle involving Ripple Labs.