• Cameron Winklevoss, co-founder of Gemini crypto exchange, claims that the U.S. Securities and Exchange Commission (SEC) has been a “disaster” for American investors when it comes to crypto policies.
• He says the SEC’s refusal to approve spot Bitcoin ETFs has limited investors‘ ability to build wealth in BTC and pushed them into toxic products like Grayscale’s Bitcoin Trust (GBTC).
• Winklevoss urges the SEC to focus on its core mission and stop overstepping its statutory power.
Cameron Winklevoss Criticizes SEC for Crypto Policies
Cameron Winklevoss, co-founder of Gemini crypto exchange, claims that the U.S. Securities and Exchange Commission (SEC) has been a “disaster” for American investors when it comes to crypto policies. He took to Twitter with his 718,700 followers to express his disappointment in the SEC’s past rejections of spot Bitcoin (BTC) exchange-traded fund (ETF) applications that he and his twin brother had filed 10 years ago.
SEC Has ‚Protected‘ Investors from Best Performing Asset
Winklevoss says that the SEC’s refusal has only harmed investors by limiting their ability to build wealth via exposure to the number one digital asset. He states that this “protected” investors from BTC which is considered as the best performing asset of last decade and also pushed them into products like Grayscale Bitcoin Trust (GBTC), which trades at a massive discount and charges astronomical fees as well as offshore activity subjecting them frauds in modern history such as FTX .
SEC Should Focus on Core Mission Instead
The Gemini co-founder suggests that instead of trying to act as an authority figure controlling economic life, the top security regulator should stick with its core mission – investor protection, fostering fair markets, capital formation – which would have led to much better outcomes for US investors. He also lends support for those who have recently filed for Bitcoin ETFs.
10 Years Since Tyler & Cameron Filed For Spot Bitcoin ETF
Tyler and Cameron Winklevoss filed for a spot Bitcoin ETF 10 years ago but were not approved by the SEC due what was probably seen then as too much risk since it was still new technology back then or maybe because some people do not understand how blockchain works or just simply don’t believe in it yet .
Conclusion
In conclusion , although there is still no approved spot bitcoin ETF yet , things are looking up slowly but surely as more companies are filing applications and more people are getting educated about cryptocurrency everyday so hopefully soon enough we will see one approved by US securities commission while allowing US Investors more opportunities without being subjected extreme risks .