The SEC is rolling back its aggressive crypto enforcement campaign that defined the Gensler era.
After a 699-day investigation into Gemini Trust, the regulator informed the exchange on Wednesday it would not pursue enforcement action, concluding a probe that co-founder Cameron Winklevoss claimed cost “tens of millions … in legal bills.”
Winklevoss framed it as part of a broader shift, citing the SEC’s withdrawal of cases against Coinbase, OpenSea, Robinhood, and UniSwap, but criticized the agency for causing significant financial and economic harm to the crypto industry.
Winklevoss argued that the SEC’s actions stifled innovation and drove talent away from the sector.
He called for reforms, including financial reimbursement for companies forced to fight baseless enforcement actions, public firing of SEC officials involved in what he described as regulatory overreach, and lifetime bans for those who “weaponize” the law.
He warned that without accountability, similar crackdowns will continue and urged the industry to push for structural reforms to pre… creator solana token
