Crypto entrepreneurs, Tyler and Cameron Winklevoss supposedly took part in Austin, Texas’ South By SouthWest (SXSW) Conference. As reported by news outlet, Ethereum World News, the twins trust that the answer to stabilizing, better yet bringing up bitcoin prices rest in the establishment of regulation.
The brothers provided some evidence for why they believe regulation is ideal. One being the poorly conducted crypto exchanges to date, citing both QuadrigaCX and the popularly known, Mt. Gox.
According to Bitcoin Exchange Guide, QuadrigaCX has lost nearly $180M of users’ money, as the CEO was the only one who had access to cold storage. After further investigation, it was revealed that said funds were lost eight months prior to QuadrigaCX CEO’s death. And, then there’s Mt. Gox, who announced a few years ago (2011-2014), that they lost nearly 850,000 bitcoins (repeatedly robbed).
It has been argued that the main result that can come from regulation is trust, which is currently lacking in the crypto space. More specifically, Cameron shares that:
“At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”
Another suggestion was the need for checks and balances, which Tyler believes is important for crypto businesses that are planning to strive over the long run. In particular, he was reported saying:
“You want to have a couple of layers of checks and balances. We are here for the long haul.”
In another interview, the Winklevoss twins shared their plans for their endeavor, Gemini Exchange, a regulated digital asset exchange and custodian.
The brothers are hoping to expand to Europe and are longing to make their services more convenient, which will be done through mobile devices. During the same interview, Tyler noted that volatility is apparent in “new assets”.