Winklevoss Twins push regulations for cryptocurrencies! The Winklevoss Twins’ backed exchange Gemini is pushing for more regulation in the cryptocurrency industry. Gemini has just released an advertisement campaign designed to call for more regulation.
These ads by Gemini aren’t being done on a digital space, it’s happening in our world. The Gemini marketing team has placed placards on taxi-tops in New York City, as well as posters in subways and other locations. The marketing team is utilizing slogans such as “Money has a future”, “Crypto without chaos”, and “The Revolution Needs Rules.” Gemini will also be taking out a full-page ad in the New York Times this Monday, January 7th.
Chris Roan, the head of marketing at Gemini, explained the company’s position – that increased regulations in cryptocurrency will be beneficial for investors. Those regulations would give investors the same protections given to them in traditional markets. He said: “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”
While pushing for mass adoption, Gemini has a different means to reaching that end – facilitating a bridge between cryptocurrencies and traditional fiat would be beneficial to both. For Gemini, the idea of cryptocurrencies overhauling and replacing traditional fiat is not fruitful conversation. To that end, Gemini’s push to open the industry to increased regulatory control, starting with cryptocurrency exchanges, they hope to eliminate the moniker that’s been negatively applied to cryptocurrency: The Wild West.
Gemini isn’t the only ones calling for increased regulations. Neha Narula, the director of the Digital Currency Initiative at the MIT Media Lab, also called for regulations for the cryptocurrency space. While there are some standards and some regulations, the lack of consensus in the market and between exchanges makes the overhaul unlikely, however.
Narula, unlike Gemini, did note that increased regulatory oversight often comes at a price – the dampening of innovation. She noted that this is particularly concerning for the very young industry like cryptocurrency, who celebrated its 10th birthday just last year. She said: “I wouldn’t want it to get to a case with crypto where innovation is stifled because it’s too expensive for them to comply with regulation.”
Gemini’s call for increased regulations could be the catalyst to finally have the United States Securities and Exchange Commission (SEC) to approve a Bitcoin based ETF. Many believe that the ETF is inevitable – the question is when. Many also believe that a Bitcoin ETF will mark the beginning of institutional money flooding into the cryptocurrency market.
To note, the SEC did deny the Winklevoss their Bitcoin ETF bid. We’ve noted before how strict the SEC plans on being for ETF bids. We’ve also noted how intensely the SEC is looking into promoters of cryptocurrency without proper disclosures.
What do you think? Do you think more regulations will bring on better market conditions and have institutional money flooding in? Let us know on our Facebook Page!