Bitcoin

Winklevoss Twins Call for Crypto Regulations, Says Bitcoin Can Overtake Gold

Winklevoss Twins Call for Crypto Regulations, Says Bitcoin Can Overtake Gold

The bearish sentiment currently characterizing the cryptocurrency markets may dissuade some investors, but not Tyler and Cameron Winklevoss. The two are now suggesting that digital currency has a bright future ahead – as long as it is properly regulated.

Winklevoss twins: ”Revolution Needs Rules”

Formerly of Facebook notoriety – following their legal feud with Mark Zuckerberg – the twins are now best known for Gemini. For those unaware, Gemini is a cryptocurrency exchange platform launched by the two.

The Winklevosses have also long been outspoken Bitcoin supporters. They are now, however, branching out beyond the core Gemini activity in an effort to launch a campaign promoting cryptocurrency regulations.

More specifically, the marketing campaign is entitled ”Revolution Needs Rules” and is clearly aimed at encouraging cryptocurrency regulations. However, the Winklevoss twins are not just trying to bring about regulation for regulation’s sake – rather, they are attempting to promote the ”right” type of innovation.

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”The idea that companies that build on top of things like Bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation,” Tyler Winklevoss mentioned in a video interview with Balancing the Ledger.

”People believe in the dream of crypto; they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that,” Tyler continued.

Cameron also weighed in on the issue, highlighting the negative press that has surrounded cryptocurrencies. Cameron argued that the misperception that Bitcoin is entirely anonymous, as well as the common portrayal of it being associated with criminals, has hindered its growth.

Gemini has same safeguards as financial institutions; Bitcoin can overtake gold

Moreover, the twins also stated that their cryptocurrency platform Gemini is equipped with the same financial safeguards as financial institutions. They also noted that Gemini comes with substantial consumer protections.

In addition to this, the twins also argued that the cryptocurrency trade group launched by them – dubbed the Virtual Commodity Association – can eventually become the cryptocurrency sector’s answer to FINRA. Specifically, FINRA is a self-regulated organization which oversees security dealers.

Interestingly, both Tyler and Cameron Winklevoss then went on to praise regulators, including the SEC – even though the latter rejected Gemini’s proposal for a Bitcoin ETF. This would seem to stem from a recognition of the important precedent a crypto ETF will set.

”We get the Commission being conservative on this as it’s the first of many products, and we have to get it right,” Cameron noted. He also added that Gemini is currently occupied with other endeavors than a new ETF application.  

Following this, the twins also launched into praise for cryptocurrency, arguing Bitcoin will eventually overtake gold as the dominant store of value. ”The only thing gold has over Bitcoin is a 3,000-year head start,” Cameron noted.

Image Source: “Flickr”

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