• Cameron Winklevoss of Gemini crypto exchange says the SEC’s past rejections of spot Bitcoin (BTC) ETF applications were not in the best interest of investors.
• He claims that the SEC’s refusal to approve these products for a decade has been a complete and utter disaster for US investors.
• He calls on the SEC to focus on its core mission and lend support to those who have recently filed for Bitcoin ETFs.
Cameron Winklevoss Criticizes SEC Crypto Policies
Cameron Winklevoss, co-founder of the Gemini crypto exchange, has voiced his criticism towards the US Securities and Exchange Commission (SEC). According to him, their past rejections of spot Bitcoin (BTC) exchange-traded fund (ETF) applications were detrimental to investors. With 718,700 followers on Twitter, he shared his thoughts regarding this issue.
Refusal To Approve Bitcoin ETFs For A Decade
Winklevoss points out that it has been 10 years since he and his twin brother Tyler filed for a spot Bitcoin ETF but got rejected by the SEC. He argues that this refusal only harmed investors by limiting their ability to build wealth via exposure to BTC, which was the best-performing asset of the last decade. Furthermore, he states that it pushed investors into toxic products like Grayscale Bitcoin Trust (GBTC), offshore venues with unregulated activity as well as FTX where they risked being subject to one of the largest financial frauds in modern history.
SEC Exceeding Statutory Power In Crypto Crackdown
Not only is Winklevoss critical about what happened in regards to Bitcoin ETFs but also about how far security regulators are going with their crackdown on crypto overall. He believes that they are exceeding their statutory power and trying too hard to act like gatekeepers instead of fulfilling its mandate: investor protection, fostering fair and orderly markets as well as facilitating capital formation.
Lending Support To Those Who Filed For Bitcoin ETFs
Although disappointed with what happened up until now, Winklevoss still hopes for better outcomes for investors in terms of access and freedom when it comes to cryptocurrencies such as BTC or Ethereum (ETH). Therefore he expresses his support towards those who are fighting for approval on spot Bitcoins ETFs at present time while urging security regulators again to focus on its original mission rather than overstepping its bounds when it comes down crypto regulation.
Conclusion
In conclusion, Cameron Winklevoss has used his platform on Twitter – which consists of over 700k followers –to voice his opinion regarding U.S Securities & Exchange Commission’s policies when it comes down regulating cryptocurrency related investments such as spot Bitcoins ETFs . He believes that their reluctance in approving these products had a great negative impact on American crypto investors by limiting their access and pushing them into unsafe venues or potentially fraudulent ones; while calling upon them once more to adhere strictly follow its mission without overstepping any boundaries when it comes down crypto regulations .