Gemini Exchange’s Winklevoss Twins Call For Better ‘Crypto Regulations’ in Their Latest Ad Campaign
As per a report published yesterday by a respected media outlet, the Winklevoss twins have just released a new ad campaign (via their Gemini cryptocurrency exchange platform) calling for better regulatory measures to be introduced within today’s burgeoning altcoin market.
Crypto-Related Ads Flood NYC
As part of their latest ad campaign, people living in-and-around the New York City area will be able to see a host of placards that have been placed on sidewalks and taxis carrying messages such as “crypto needs rules”, “money has a future” and “crypto without chaos.”
In regards to their latest PR exercise, Chris Roan, head of marketing at Gemini, was recently quoted as saying:
“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.”
However, the campaign has received some flack from a few people from within this space who claim that calls for better KYC and AML measures by the Winklevosses go against the founding principles of cryptocurrencies.
For example, crypto enthusiast and analyst Nick Foley, took to Twitter a couple of hours back and sent out the following message:
Rules like mathematics? Sure. Crypto needs that. Rules like "KYC AML licencing taxation Patriot Act bitlicense bullshit?" No. Crypto doesn't need that. pic.twitter.com/8azzqCKlwa
— Nick Foley (@BookofNick) January 4, 2019
More On The Matter
Talking with the Wall Street Journal yesterday, Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, told the media outlet that there currently existed a huge problem of “market integrity and consumer protection” in relation to the crypto domain. Thus, in Narula’s opinion, Gemini has done the right thing by adopting such a legally compliant outlook.
With that being said, she then went on to add:
“While a certain amount of oversight and regulation is most definitely needed, overregulation could stifle innovation and even stop newer firms from entering this nascent market space altogether”.
For those of our readers who may not be aware, US lawmakers have recently tabled a bill in front of the House of Representatives (dubbed the Token Taxonomy Act) in an effort to make altcoin use more seamless and hassle free within N.America. The act— if passed— would exclude digital assets from being considered securities, thus changing the core definition of what a cryptocurrency is.