The Gemini cryptocurrency exchange and its Winklevoss Twin proprietors continue to push hard for sensible cryptocurrency regulation in the United States. They see it as imperative for a healthy and prosperous industry moving forward.
To accomplish this goal, the Twins are taking their marketing efforts outside of the internet and onto the streets. Gemini will be running a full New York Times ad in which the exchange makes the case that crypto is a new financial sector, one in need of the same regulations and investor protections that make other forms of investment stable and attractive.
Gemini has also invested in taxi-topper and subway ads, to be seen throughout New York City in the coming months. Messaging includes slogans like “Crypto Without Chaos” (referring to the trading volatility of Bitcoin and other crypto prices), “The Revolution Needs Rules”, and “Money Has a Future”.
The Winklevoss Twins run Gemini Exchange, major competitor to industry leader Coinbase
Many still consider crypto to be a kind of “Wild West”, in which tech-savvy early adopters jockey for profits with hackers, institutional profiteers, and shadowy interests. The Winklevosses believe that this chaotic environment prevents institutional money, and a whole set of private investors, from entering the space.
Is this perspective correct? Nobody really knows. There are those who fear that adding regulatory burdens to the crypto space could stifle innovation. Certain regulatory models could introduce high costs to young blockchain businesses, essentially pricing out new innovators who would do what it takes to be in compliance.
On the other hand, sensible regulations could take blockchain innovations like the ICO out of regulatory limbo. Incoherent regulations in the United States could be preventing blockchain companies from doing business with confidence, worried that future regulations could make criminals of them. The lack of investor protections further stifles the industry’s potential, as investors have no confidence that their interests would be defended in the case of industry misdeeds.
Whatever the future holds, the efforts of Gemini Exchange seems like a path forward. The Winklevoss Twins have failed in the past in their efforts with the US Securities and Exchange Commission, as their proposal for a Bitcoin ETF was denied. It’s clear, though, that these Bitcoin multimillionaires are not discouraged, and will continue to push for sensible, nuanced regulation for the American blockchain industry.
Currently, American crypto exchanges and businesses vary greatly in their compliance to regulation. This lack of industry coherence is a big problem for the global industry. Any changes from regulators will, at the very least, start to clear up some of these longstanding unknowns.