In a stunning turn of events, the Winklevoss twins, founders of crypto exchange Gemini, have launched a scathing attack on the U.S. Securities and Exchange Commission (SEC) following the agency’s decision to drop its investigation into their company. Cameron Winklevoss, in a fiery statement on X, not only celebrated the end of the probe but also demanded severe consequences for SEC staff members involved in crypto enforcement cases during the Biden administration.
The twins’ call for retribution comes after a tumultuous period for the crypto industry, which saw unprecedented regulatory scrutiny under the previous administration. The SEC’s investigation into Gemini lasted a grueling 699 days, including a 277-day period following a Wells Notice. Despite the relief of closure, Cameron Winklevoss was far from appeased.
“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation,” Winklevoss declared. He went on to argue that the broader impact on the crypto industry was even more devastating, causing “unquantifiable loss in economic growth for America.”
In a move that sent shockwaves through the regulatory community, Winklevoss called for the public firing of all SEC staff members involved in the investigation. He didn’t stop there, demanding that “their names, roles, and the actions they participated in should be posted on the SEC website.” This unprecedented call for transparency and accountability has ignited a fierce debate about the responsibilities of regulators and the consequences of their actions.
The Winklevoss twins’ aggressive stance comes amid a broader shift in the regulatory landscape. The SEC has recently withdrawn cases against several major crypto players, including Coinbase, OpenSea, Robinhood, and Uniswap. This apparent retreat has emboldened industry leaders like the Winklevosses to push back against what they perceive as years of unwarranted hostility.
As the dust settles on this latest crypto-regulatory drama, questions linger about the future of SEC enforcement and the potential for retaliation against individual staff members. The Winklevoss twins’ provocative call to action has undoubtedly set the stage for a contentious debate about the balance between regulatory oversight and innovation in the rapidly evolving world of digital assets.
