The SEC dismissed its complaint against Gemini, following a recent pattern of crypto-friendly actions. Winklevoss advocated for reform.
The SEC finished its investigation into Gemini without bringing any charges, suggesting a significant change in crypto regulation. This action comes after similar reverses by Coinbase, OpenSea, and others.
While this is a victory for Gemini and the cryptocurrency industry, co-founder Cameron Winklevoss is not celebrating just yet.
Winklevoss criticized the SEC’s approach. He said that it cost Gemini millions in legal expenses and hindered innovation. The investigation lasted almost 700 days, and Gemini got the Wells Notice nearly a year ago.
This is not an isolated incident. The SEC‘s history of overreach has driven talent away from cryptocurrencies. Many potential concepts were never realized due to regulatory issues.
He says that agencies should pay three times the legal expenses of unsuccessful probes and publicly name personnel involved in bad faith investigations. Thus, he also proposes that people who misuse authority be excluded from future government positions.
He emphasized that settling the case was just the beginning. Without sanctions, future sectors may encounter similar conflicts. Winklevoss seeks responsibility so that innovation may flourish without fear of unjustified restrictions.
The cryptocurrency industry faces a critical decision. Should it work with the SEC to create favorable regulations or attempt to eliminate the agency? The verdict might have an impact on the future of cryptocurrency regulation in the United States.
As the sector gains influence in politics, the following actions will be crucial. The debate over whether to reform or destroy the SEC is far from over. The cryptocurrency sector is eagerly anticipating a long-awaited reckoning.
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