Sec drops probe to gemini, Cameron Winklevoss requires remuneration

The American Securities and Exchange Commission (SEC) may happen to Gemini, but Gemini has not finished SEC.

According to a Wednesday X post from Gemini Medter and President Cameron Winklevoss, SEC on Monday informed Gemini that it was closing its investigation into the New York-based Crypto Exchange and would not submit an enforcement cost against it.

But the anti-climactic resolution of the long-term study was unsatisfactory for Winklevoss, who said in his X-post that SEC’s retreat “does little to compensate for the damage this agency has done for us, our industry and America.”

“Sec cost us tens of thousands of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity and innovation,” Winklevoss wrote. “SEC’s behavior overall to other cryptic companies and projects cost size orders more and did not cause -quantifiable loss in economic growth for America.”

Winklevoss said that without consequences for both SEC and the individual employees involved in the investigations of Gemini and other cryptic companies, other federal agencies could again in the future “bully, harass a legal industry and then decide one day just to say that we are good and go away.”

In his post, Winklevoss suggested that any agency that “refuses to write rules before it opens an investigation or brings an enforcement action” should be required to repay the defendant “for 3x [their] Legal costs. “

Winklevoss also called for all SEC employees involved in the probe to Gemini to be fired publicly, and their “names, roles and the actions they participated in to be published on the SEC website.”

“It should not be acceptable to bring the full power of the US government to bear against new businesses in a beginning industry and then hide behind a faceless agency or say you just did your job ‘or’ after orders. “These people had a choice,” Winklevoss wrote. “They could have asked to be awarded or withdrawn. No one forced them to work at sec. Nevertheless, they chose to violate their oaths and the agency’s mission to “have a positive influence on the US economy, our capital markets and people’s lives” and instead helped and excavated an illegal war against a legal industry. “

SEC’s decision to drop his probe in Gemini comes shortly after it fell similar studies in Uniswap Labs, Robinhood Crypto and OpenSea. Earlier Wednesday, SEC also filed a joint movement to put its lawsuit against the Tron Foundation and Justin Sun, similar to the recent decisions filed in its cases against Coinbase and Binance.

SEC did not respond to Coindesk’s request for comment.

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