PANews reported on February 27 that SEC documents showed that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Gemini Trust Company, LLC and decided not to take enforcement action. Gemini co-founder Cameron Winklevoss confirmed on social media that the investigation lasted 699 days and that he received a notice from Wells 277 days ago.

Winklevoss criticized the SEC's regulatory actions for causing huge losses to the crypto industry, accusing the agency of enforcing the law without establishing clear rules, causing companies to bear high legal fees and economic losses. He called on the government to carry out regulatory reforms, including requiring the SEC to compensate the affected companies three times the legal fees, firing relevant law enforcement personnel, and prohibiting those who abuse regulatory power from holding government positions again.

The agency (SEC) has previously withdrawn its lawsuit against Coinbase and terminated its investigations into OpenSea, Robinhood and Uniswap.