SEC Closes Investigation Against Crypto Exchange Gemini, Says Cameron Winklevoss: 'Another Milestone To The End Of The War On Crypto' (UPDATED)

Editor’s Note: This story has been updated to include that the SEC declined to respond to Benzinga's request for comment.

Gemini co-founder Cameron Winklevoss disclosed Wednesday that the SEC has concluded its investigation into the cryptocurrency exchange with no enforcement action to be taken.

What happened: In an X post, Winklevoss stated that the regulator notified the company’s litigation counsel of the closure. He called this “another milestone to the end of the war on crypto.”

"This comes 699 days after the start of their investigation and 277 days after they sent us a Wells Notice," Winklevoss said. "The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation."

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

The conflict dates back at least to Mar. 2023, when Gemini settled with the SEC by paying $21 million in fines for allegedly selling unregistered securities through its Gemini Earn program. The regulatory action was spearheaded by former SEC Chair Gary Gensler.

The SEC declined to respond to Benzinga's request for comment.

See Also: GameStop-Themed Cryptos Soar After Vivek Ramaswamy Co-Founded Firm’s CEO Urges Bitcoin Investment: Graduate From Being ‘Meme Stock’ To Sector Leader

Why It Matters: Cameron and his twin brother Tyler have been vocal critics of Gensler. Last month, they announced a hiring boycott against the Massachusetts Institute of Technology, where Gensler joined as a professor.

The Winklevoss twins made Bitcoin BTC/USD donations to campaigns, including those of President Donald Trump and John Deaton, a pro-cryptocurrency candidate who unsuccessfully ran against Senator Elizabeth Warren (D-Mass.).

The development follows a series of similar actions by the SEC, including the withdrawal of its enforcement case against cryptocurrency exchange Coinbase and the termination of its investigation into Robinhood Markets’ cryptocurrency operations.

Photo via Shutterstock

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