According to a Wall Street Journal report, the crypto exchange Gemini is calling for better regulation of the crypto industry.
Gemini Trust Co., the crypto exchange was founded by Tyler and Cameron Winklevoss back in the year 2014. The exchange in its new ad campaign argues that crypto sector must protect investors by embracing best practices and regulations. Additionally, the campaign is also suggesting that Gemini already offers a regulatory compliant exchange for investors.
The crypto exchange has an advertisement running on a New York sidewalk that has slogans like ‘crypto needs regulations’. The other slogans include ‘crypto without chaos’ and ‘money has a future’.
However, the Gemini ad campaign has created a buzz on Twitter and got many people talking about it. Some people in the crypto industry criticized the ad by saying that the intro of AML, KYC and other security measures is contrary to the founding concept of crypto.
Nick Foley, the Bitcoin enthusiast, and ex Coinbase support representative believes that standard rules are necessary. But later in a tweet, he said that rules are not something to be celebrated, as this ad campaign seems to do.
Nick further added that the ad might make the lawmakers feel a false sense of importance. He also feels that it might perpetuate and encourage the present corrupt system.
Kryptic Nation, the Blockchain education platform on Twitter said that crypto exchanges like Gemini seek regulation from the same cartel leaders that have been screwing average man for years. They further added that this sign makes them sad.
The head of marketing at Gemini told the WSJ that they believe that investors in crypto space deserve the same protection as investors in traditional markets. Chris Roan further added that this can be achieved by adhering to the same standards, regulations, compliance protocols and practices.
The advertisements are a part of a larger campaign across NY by the exchange which promotes its status as a regulatory-compliant crypto exchange. The ad campaign marks one of the exchange’s first real endeavors at attracting retail investors. Since 2014, Gemini has mainly focused on large institutional money.
Neha Narula, the director of the cryptocurrency program at the MIT Media Lab said that rules are not consistently applied over the crypto industry. She further added that there is a big issue with market integrity and with consumer protection. And said that the regulators should make sure regulations are being applied where they need to be applied.
In an attempt to make sure that the crypto industry doesn’t suffer from an overly-strict legal framework. The American regulators have proposed a bill in the House of Representatives titled the Token Taxonomy Act. The act will reportedly exclude tokens from being considered as securities and offer a new definition for digital assets.
Overall, the crypto businesses are still very insecure and unsure of their standing with the administrations across the world. While some countries badly require and want new financial activity. Some, on the other hand, see it as a disruptive technology.