According to Cameron and Tyler Winklevoss, the popular twins in the cryptocurrency world and founders of the Gemini exchange, the U.S. Securities and Exchange Commission is searching for more market surveillance and protections.
During an interview with Fortune Ledger, they talked about the SEC and the different concerns it has about the crypto market. Furthermore, they talked about the Bitcoin ETF and cryptocurrencies.
Back in July 2018, the SEC rejected the approval of a proposed rule change that was made by the Winklevoss brothers. According to the regulatory agency of the United States, there were some issues related to market manipulation and the lack of market surveillance. In this way, the SEC rejected two different Bitcoin ETF proposals made by the twins.
Nevertheless, SEC’s commissioner Hester Peirce, which is a supporter of virtual currencies, commented negatively about the decision taken by the regulatory agency. She mentioned that the proposed rule change had all the pre-requisites for the approval of this specific rule change.
Although in February the SEC has to take a final decision regarding the ETF proposal presented by VanEck and SolidX, Cameron believes that is hard to predict when the approval will happen. He mentioned that they have been working for six years to have a Bitcoin ETF approved and that they will continue working in the future for it to happen.
Cameron commented about it:
“We understand the commission’s concerns. We’ve heard them loud and clear and they are basically calling for more market surveillance and protections in the marketplace to avoid, prevent against manipulative behaviour and stuff like that. So, Gemini has built a market surveillance team.”
Additionally, he went on saying that their crypto exchange is working on the Virtual Commodity Association, a self-regulatory organization in the United States related to the crypto world. The intention is to have similar standards in the industry and build integrity in the market.
Cameron explained that they understand the decision taken by the SEC since these will be the first products related to cryptocurrencies. It is very important for companies to work in order to help this process and be compliant with all the requirements needed.
The Winklevoss brothers have also a different perspective regarding regulations in the cryptocurrency world. They believe that with regulations it is possible to open new accounts and start new companies in the space.
In general, the BitLicense given by regulators in New York seems to be very difficult to be acquired. There are several enthusiasts and crypto experts that have criticized this decision to impose these regulations in the space.
However, Cameron and Tyler Winklevoss believe that regulation has been a big win for New York State. Additionally, they’ve mentioned that Gemini is trying to take the best protection measures and bring them into the crypto industry.