U.S. Government Ends Investigation On Gemini
The US Securities and Exchange Commission has concluded its investigation into Gemini.
The SEC concluded its investigation and stated that “based on the information we have as of this date,” the regulator will not recommend an enforcement action in the notice shared by Cameron Winklevoss, president, and co-founder of Gemini
The SEC accused cryptocurrency exchange Gemini and lending company Genesis Global Capital of selling unregistered securities through Gemini’s “Earn” program.
The agency clarified, that the notice is not an exoneration and should not be interpreted as a sign that the SEC’s investigation will not lead to any further action.
“The SEC cost us hundreds of millions in lost productivity, innovation, and creativity in addition to tens of millions in legal fees. Gemini is not alone,” Winklevoss remarked.
He also stated, “The SEC’s actions against other cryptocurrency businesses and initiatives cost orders of magnitude more and resulted in an incalculable loss of economic growth for America.”.
The SEC has taken several similar actions, including closing its cases against Coinbase, a cryptocurrency exchange accused of acting as an unregistered securities broker.
In addition, the case against OpenSea, an NFT marketplace, was closed. Additionally, on May 4, the SEC issued a Wells notice to Uniswap Labs, a decentralized exchange and online brokerage Robinhood Crypto, ending its investigation into the company.
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