SEC drops Gemini investigation, decides not to pursue enforcement action

Odaily Planet Daily News Gemini co-founder Cameron Winklevoss announced that the SEC has closed its investigation into him and decided not to take enforcement action against him. The decision was made 699 days after the SEC launched its investigation. Although this marks an important victory for the crypto industry, Gemini still said that the SEC's actions have caused tens of millions of dollars in legal fees and hundreds of millions of dollars in lost productivity and innovation. Gemini called for regulators to bear high compensation if they fail to formulate rules first before conducting investigations or enforcing the law. In addition, Gemini suggested that the relevant persons in charge should be publicly held accountable and even banned from holding government positions again to ensure that similar incidents do not happen again.