AI Summary
- The Winklevoss twins’ Gemini exchange is the latest company to be dismissed by the SEC as new regulations revamp the industry. On February 26, Cameron Winklevoss posted about the clearing of Gemini exchange along with their hopes for the future of the crypto industry.
- The news comes as multiple companies, including Coinbase, Robinhood, Tron (TRX), Uniswap, and OpenSea, are dismissed by the SEC.
- Cameron Winklevoss announced the SEC’s dismissal of Gemini exchange with a sigh of relief after receiving a Wells notice “277” days ago.
- For the majority of cryptocurrency companies that were investigated or affected by Gary Gensler’s SEC leadership, the SEC did not make clear rules and regulations, running along a grey area.
The Winklevoss twins’ Gemini exchange is the latest company to be dismissed by the SEC as new regulations revamp the industry.
On February 26, Cameron Winklevoss posted about the clearing of Gemini exchange along with their hopes for the future of the crypto industry.
The news comes as multiple companies, including Coinbase, Robinhood, Tron (TRX), Uniswap, and OpenSea, are dismissed by the SEC.
Cameron Winklevoss responds to SEC dismissal of Gemini exchange
Cameron Winklevoss announced the SEC’s dismissal of Gemini exchange with a sigh of relief after receiving a Wells notice “277” days ago.
According to Winklevoss, despite the SEC’s recent onslaught of dismissals, it does little to hide the damage done by the commission to the crypto industry in the US.
For Gemini, Winklevoss claims the SEC’s investigation cost Gemini hundreds of millions of dollars, productivity time, and innovation.
From Cameron Winklevoss:
How many engineers chose to go into other industries instead of building a permissionless, open financial system?
How many years of innovation were kicked down the road at the expense of Americans? We will never know.
For Gemini the SEC’s investigation left a wound on the company which Camereon believes just be avenged.
The founder goes on to explain why the SEC should reimburse affected cryptocurrency companies and those behind the investigations should be dishonorably discharged from their positions.
Winklevoss demands changes to the SEC
For reimbursement, Wiklevoss believes the SEC should reimburse legal costs related to the infestation to make companies who were wrongfully investigated financially whole again.
From Winklevoss :
Everyone involved in these actions should be fired immediately and in a public way. Their names, roles, and the actions they participated in should be posted on the SEC website.
For the majority of cryptocurrency companies that were investigated or affected by Gary Gensler’s SEC leadership, the SEC did not make clear rules and regulations, running along a grey area.
Recent federal talks indicate that the SEC was unhelpful when it came to helping crypto companies navigate regulations.
Going forward, Mark Uyeda, acting SEC chairperson, has made it a goal of the Crypto Task Force to make regulations clear while also de-regulating where possible to allow crypto industries room to innovate and grow.
