The US Securities and Exchange Commission (SEC) has dropped its investigation of Gemini and will not pursue an enforcement action.

The crypto exchange is the latest platform to have an SEC lawsuit against it end amid a change in direction at the agency.

The US Securities and Exchange Commission (SEC) has dropped its investigation into crypto exchange Gemini and will not be pursuing any enforcement action.

Gemini is the latest crypto platform to have an SEC lawsuit against it end amid a change in direction at the agency in recent weeks.

The SEC has also closed investigations into Coinbase (NASDAQ:), Robinhood Crypto, and Uniswap, among others.

In a post on X, Cameron Winklevoss, Gemini’s co-founder, said the move “comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice.”

“While this marks another milestone to the end of the war on crypto…it does little to make up for the damage this agency has done to us, our industry, and America,” he added.

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

Charges against Gemini

In 2023, the SEC charged Gemini and Genesis Global Capital, a crypto lending platform, with selling unregistered securities through the Gemini Earn product.

At the time, the SEC argued that the pair had misrepresented their business model by advertising returns of up to 8% to investors without registering as a lending partnership with the relevant authorities.

While the investigation is now at an end for Gemini, the SEC has cost the crypto exchange “tens of millions of dollars in legal bills and hundreds of millions in lost productivity, creativity, and innovation,” Winklevoss said.

“The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America,” he said.

Unacceptable behavior

Gemini was critical of the previous SEC, arguing that it was “wholly unacceptable” for the SEC to decide to attack the crypto industry “and then decide one day to simply say we’re good and walk away.”

Winklevoss said “thoughtful legislation” will deter agencies from taking action against lawful organizations when those agencies refuse to write rules before opening an investigation. Some ideas he put forward include reimbursement, dishonorable discharges, and banning those involved from being hired by an agency again.