- In a twist befitting a farcical comedy, the SEC has closed the Gemini lawsuit, marking the fifth regulatory rollback this month.
- And lo! The agency has also decided to pause Tron and Justin Sun’s lawsuit for a leisurely sixty days.
After a staggering 699 days of suspense worthy of a Dostoevskian novel, the SEC has finally dropped its investigation into the Gemini exchange. This marks the fifth crypto firm to have its lawsuit closed or withdrawn in the month of February, a month that seems to be a veritable carnival of regulatory leniency! 🎪
According to the ever-optimistic Cameron Winklevoss, co-founder of Gemini, the agency graciously informed them of this closure on the 24th of February. One can only imagine the confetti raining down in celebration! 🎉
Winklevoss, in a fit of jubilation, proclaimed this as the end of the crypto war, a sentiment that surely brings relief to other beleaguered firms like Coinbase and Uniswap[UNI].
Call for SEC reforms
However, amidst the revelry, he lamented the heavy litigation costs incurred, akin to a peasant lamenting the tax collector’s visit. Winklevoss suggested reimbursement of legal fees and a good old-fashioned punishment for some SEC members as a deterrent. After all, who doesn’t love a little bureaucratic accountability? 😏
“It’s wholly unacceptable for an agency like the SEC to bully, harass, and attack a lawful industry and then decide one day to simply say we’re good and walk away.”
Winklevoss further opined that figures like former SEC chair Gary Gensler, who seem to wield the law like a sword, should be banned from other agencies. A noble thought, indeed! 🗡️
According to him, these were the plausible ways to prevent another ‘Operation Chokepoint’ or banking restriction for crypto firms from recurring. A noble quest, one might say!
“Operation Chokepoint didn’t stop at 1.0. It continued to 2.0 because not enough was done to hold bureaucrats accountable for their actions during 1.0. And there will be a 3.0 unless there is a real, public reckoning for 2.0.”
In the early days of 2023, Gemini found itself charged by the SEC for operating an unregistered lending service, the Gemini Earn program. This program, a partnership with Genesis Capital, allowed users to loan their crypto and earn a yield, a concept that surely baffled the bureaucrats! 💰
Note, however, that there has been a growing list of regulatory rollbacks or pauses under the new SEC, as if they were playing a game of musical chairs with the law.
On the 10th of February, the agency paused the Binance lawsuit for sixty days, as if to say, “Let’s take a breather, shall we?” The agency has also paused the Tron Foundation and its co-founder, Justin Sun, as noted by crypto lawyer Jeremy Hogan, who seems to have a front-row seat to this circus.
“The SEC has just agreed to pause the Tron Foundation lawsuit and are asking the judge for 60 days to resolve it…Another SEC crypto litigation is going away.”
In 2023, authorities charged Sun, who also serves as a crypto advisor to President Trump-affiliate DeFi project World Liberty Financials, with market manipulation and the illegal sale of Tron [TRX] as a ‘security.’ A plot twist worthy of a soap opera!
The regulatory rollbacks are part of the new SEC’s push for more clarity in the sector, as its Crypto Task Force seeks to develop a comprehensive framework for the industry. One can only hope they find the right blueprint amidst the chaos! 🏗️
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2025-02-27 12:11