Cameron Winklevoss Advocates For Crypto Regulation Again
Cameron Winklevoss, a co-founder of the Gemini cryptocurrency trading platform, explained the meaning of the slogan of the exchange’s recent advertising campaign, which was criticized by the crypto community, Bitcoinist reports.
According to Winklevoss, the slogan “Crypto needs rules” means that the rules need to be established not for digital assets, but for companies whose activities are related to this sphere. During the advertising campaign, representatives of the crypto community noted that the Bitcoin nodes and network protocols are the rules necessary for the functioning of the system.
At the same time, Winklevoss brothers more than once advocated for the need of the state regulation of the cryptocurrency sphere, which is compared to the Wild West due to a large number of fraudulent activities, dishonest schemes, and hacker attacks. As an example, Winklevoss cited a report of the auditor after checking the QuadrigaCX exchange. According to the data received, 14 unofficial accounts were created on the platform, to which artificial deposits were transferred, assets from which participated in trading.
Protocols control the turnover of funds only within the system, while companies are subject to the human factor, which is why most of the cryptocurrency incidents occur, Cameron Winklevoss said. According to brothers, their Gemini project, which aims to contribute to the stabilization and development of the digital assets industry, will continue to strive to work within the legal field.
As previously reported, the Gemini exchange became a member of the brokerage organization British Telecommunications (BT) Radianz Cloud.