The SEC closes research on Gemini, Winklevos seeks reimbursement

The Gemini co -founder, Cameron Winklevos, announced that the United States Stock Exchange and Securities Commission (SEC) had officially closed his research on cryptocurrency exchange and that he would not carry out compliance actions.

This decision occurs almost two years after the investigation began and more than nine months after Gemini received a war notice.

SEC closes the Gemini case

In his last tweetWinklevos described the decision of the SEC as a milestone in what he called “the end of the war on cryptography,” pointing to similar recent developments, such as the withdrawal of the SEC of his demand against Coinbase and the closure of investigations in Opensa, Robinity and Uniswap.

However, he argued that these results do little to compensate for financial and reputation inflicted to the cryptocurrency industry.

According to Winklevos, Gemini only incurred dozens of millions of dollars in legal expenses and suffered hundreds of millions in lost productivity and innovation. He said that the broader regulatory position of the Securities Vigilante had suffocated the industry and moved the engineers and businessmen of the cryptography while discouraged by the new projects that take shape.

The lack of regulatory clarity, he argued, had created an environment in which new companies were forced to navigate an uncertain space instead of focusing on technological progress.

Refund, shots and prohibitions for life

In response to what he described as regulatory overreach, Winklevos proposed a series of reforms to hold the agencies for their actions. Among these was a reimbursement policy that would require them to cover the triples of the legal costs incurred by companies that face compliance actions in the absence of clear rules.

He also requested the immediate and public termination of the SEV officials involved in what he described as unjustified investigations, arguing that people should be personally responsible for pursuing cases in which they did not believe genuinely. In addition, he advocated a prohibition of life that prevents people as former Sec President Gary Gensler, to “armen the law” were in the positions of government future.

“We will not rebuild trust and integrity into federal agencies unless there are serious consequences for actors in bad faith. Operation Chokepoint did not stop at 1.0. He continued to 2.0 because not enough to hold the bureaucrats for their actions for 1.0. And there will be a 3.0 unless there is real and public recognition for 2.0 “.