Major crypto exchange Gemini, founded in 2014 by the Winklevoss twins is now calling for improved regulation of the crypto space in their new ad campaign according to the crypto news reports from the Wall Street Journal.
New York City is flooded with posters, banners and placards on taxis and buses with slogans such as ‘’crypto needs rules’’ suggesting that Gemini is among the few exchanges that already have regulatory compliance for their investors. Other slogans include ‘’crypto without chaos’’ and ‘’ money has a future.’’
The head of marketing at Gemini Chris Roan told the Wall Street Journal:
“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.”
People have divided opinions about the ads. One cay that by introducing the anti-money laundering and know your customer protocols and security measures is anti-ethical to the core principles of cryptocurrency.
Nick Foley says on his Twitter account:
Rules like mathematics? Sure. Crypto needs that. Rules like “KYC AML licencing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t need that.
Others think that exchanges such as Gemini are looking for regulation from certain individuals and cartel leaders that scam and rob the average man for many years.
The director of the Digital Currency Initiative at MIT Media Lab Neha Narula says that regulation is not applied throughout the crypto space consistently:
‘’There is a huge problem with market integrity, with consumer protection, and we definitely need to make sure that regulations are being enforced where they apply.”
Despite the huge efforts to make the crypto space safer, plenty disagree and believe that involving government agencies will lead to centralization.
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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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