The crypto exchange founded by billionaire twins Tyler and Cameron Winklevoss has reportedly filed for an initial public offering (IPO). Citing people familiar with the matter, Bloomberg reports that Gemini is working with the investment banking titans Goldman Sachs and Citigroup in its efforts to quietly go public. The anonymous sources also say that discussions are still ongoing and no final decision has been made concerning an IPO. An IPO is typically underwritten by investment banks, which also arrange for the shares to be listed on stock exchanges. Last month, the U.S. Securities and Exchange Commission (SEC) also ended its probe into the exchange. In a letter addressed to Gemini lawyer Jack Baughman, the securities regulators said that it has closed its investigation and will not be pursuing any further enforcement actions against the platform. Cameron Winklevoss says the regulator’s withdrawal is a milestone that signifies the end of the SEC’s “war on crypto,” but the Gemini co-founder says this hardly makes up for the damage caused by the agency. “The SEC cost us tens of millions of dollars in legal bills alone and hundreds of millions in lost productivity, creativity and innovation.”

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