The U.S. Securities and Exchange Commission (SEC) has officially concluded its almost two-year investigation into Gemini Trust Company, LLC, without recommending enforcement action.
The news has fueled speculation within the cryptocurrency community, particularly among XRP supporters, who believe Ripple will soon benefit from the current trend of lawsuit and investigation dismissals.
SEC’s Decision on Gemini
On Monday, February 24, 2025, the SEC informed Gemini’s legal representatives that the agency had completed its investigation and would not pursue enforcement action.
In a post on X, Gemini co-founder Cameron Winklevoss called out the regulator for the damage to his company, the crypto industry, and the U.S. While he admitted that this move is a major milestone to the end of the SEC’s war on crypto, he noted that it does not make up for the damage caused.
On Monday, the SEC informed our litigation counsel @JackBaughman27 that it has closed its investigation into @Gemini and will not be pursuing an enforcement action against us. This comes 699 days after the start of their investigation and 277 days after they sent us a Wells… pic.twitter.com/dTjg9CJXVl
— Cameron Winklevoss (@cameron) February 26, 2025
Winklevoss called for reimbursement and dishonorable discharges for everyone involved. He also called for a lifetime ban on former SEC Chair Gary Gensler from appointment to another agency.
XRP Community Reacts
Following the SEC’s announcement, XRPcryptowolf (@XRPcryptowolf), a well-known figure in the XRP community, shared the news on X, suggesting that “it’s looking like they’re dropping the crypto exchange cases first and then it will finally be the $XRP lawsuit’s turn.”
This post quickly gained traction among XRP supporters, many of whom expressed excitement for the SEC’s shift in regulatory practices. With the SEC dropping investigations into major crypto firms, many including former SEC officials believe it is only a matter of time before the agency takes a similar step in its appeal against Ripple.
A Major Shift SEC Enforcement
The SEC’s decision on Gemini is not an isolated event. Recently, the agency dropped a high-profile investigation into Uniswap Labs, ending the investigation without recommending enforcement action.
This trend began with the regulator dropping its lawsuit against Coinbase, and multiple companies in the crypto space have seen their lawsuits and investigations dropped since then. The Ripple lawsuit is arguably the most prominent legal battle in the crypto world, as it gave XRP legal clarity and set a precedent that digital assets are not inherently securities.
Ripple CEO Brad Garlinghouse recently weighed in on the SEC’s new stance toward cryptocurrencies, drawing attention to its desire to move on from the failed regulatory practices of the former administration.
While the SEC has not made any official statement about its lawsuit against Ripple, the dismissal of charges against Gemini and other companies makes the dismissal of the Ripple lawsuit a forgone conclusion for many in the community.
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