Gemini's IPO Plans Advance Amid SEC Retreat

Gemini, the cryptocurrency exchange backed by the Winklevoss twins, has confidentially filed for an initial public offering (IPO) and is working with Goldman Sachs and Citigroup on the process. This move comes after the U.S. Securities and Exchange Commission (SEC) concluded its investigation into Gemini's 'Earn' program without taking enforcement action, which had previously raised concerns over unregistered securities. The firm also settled a $5 million lawsuit with the Commodity Futures Trading Commission. The IPO could happen as soon as this year, although no final decisions have been made yet. This development is part of a broader trend of crypto firms, such as Kraken and eToro, planning to go public as the SEC eases its litigation stance. Cameron Winklevoss highlighted the SEC's retreat, noting its previous actions had been damaging to the industry.