Gemini co-founder Cameron Winklevoss states that federal securities regulators have concluded their investigation into the US-based cryptocurrency exchange.

According to Winklevoss, the U.S. Securities and Exchange Commission (SEC) has notified Gemini attorney Jack Baughman that it has finished its inquiry and will not take any enforcement action against the platform.

The SEC has already withdrawn its case against the cryptocurrency exchange Coinbase and is closing investigations into the non-fungible token (NFT) marketplace OpenSea, the retail trading app Robinhood, and the decentralized cryptocurrency exchange (DEX) UniSwap.

Winklevoss believes these developments represent a significant milestone indicating the end of the SEC’s “war on crypto,” but he contends that they do little to compensate for the harm inflicted by the agency.

“The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity, and innovation. Of course, Gemini is not alone. The SEC’s behavior in aggregate towards other crypto companies and projects cost orders of magnitude more and caused unquantifiable loss in economic growth for America.”

To deter abuses, Winklevoss asserts that regulatory agencies should reimburse three times the legal expenses incurred for initiating investigations or enforcement actions without first establishing clear rules.

He also suggests lifetime bans for regulatory officials who “weaponize the law.”

“We will not rebuild trust and integrity in federal agencies unless there are serious consequences for bad faith actors.”

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