Cameron Winklevoss Elaborates Why Gemini Exchange Believes That The Crypto Ecosystem Needs Rules

Since the early days of cryptocurrencies, Winklevoss twins have been the most prominent faces in the crypto ecosystem. The establishment of Gemini exchange furthered that narrative. As demand for cryptocurrency grows, global regulators are divided on how to keep up. Most digital currencies are not backed by any central government, meaning each country has different standards.

Earlier this year BitcoinExchangeGuide had reported a story about Gemini running a full-page ad in the New York Times about what the crypto revolution needs to succeed. The article claimed that the crypto space must adopt certain standards and regulations to protect investors as well as their funds. There are taxi tops, bus stops, and other points that are displaying the message “The Revolution Needs Rules.”

Back in 2014, the company testified at the New York Department of Financial Services (NYDFS) Virtual Currency Hearings, allowing for a dialogue between regulatory agencies and the crypto community. Now, Gemini operates in a regulatory environment that fosters consumer protection for bitcoin investors and traders. Gemini commented that their policy was to ‘ask for permission, not forgiveness.’ Although the company started to build Gemini back in 2014, they started their operations once they were fully compliant.

Even Chris Roan, Head of Marketing at Gemini 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.”

Cameron draws his conclusion from the recent event QuadrigaCX. He says that QuadrigaCX was editing its own internal ledger to move customer funds into special accounts controlled by insiders, who were allowed to trade using those funds and even transfer cryptocurrency out to external wallets.

He then goes on to say talk about the importance of regulatory oversight. “Regulatory oversight = making sure people do what they say they're going to do. Quis custodiet ipsos custodes? Translation: Who will guard the guards themselves?”

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