The U.S. Securities and Exchange Commission (SEC) has concluded its 699-day investigation into the cryptocurrency exchange Gemini without pursuing enforcement action. The investigation, which included a Wells Notice sent 277 days ago, has now officially ended, as confirmed by Gemini co-founder Cameron Winklevoss. Winklevoss stated that the investigation cost Gemini tens of millions in legal bills and caused hundreds of millions in lost productivity and innovation. He criticized the SEC's actions, calling for financial reimbursement for legal costs, public accountability for SEC staff involved, and structural changes to prevent future overreach. The SEC's decision also marks the conclusion of its allegations regarding Gemini's involvement in the Genesis Earn program, which was accused of offering unregistered securities. This move aligns with a broader regulatory shift under the Trump administration, with the agency recently dropping or pausing cases against other crypto firms, including Coinbase, Binance, and OpenSea.