The Gemini founders applied for their first Bitcoin ETF with the US SEC ten years ago, which was rejected for much the same reason as BlackRock and Fidelity’s recent offerings.
The need for a regulated bitcoin product, including an exchange-trading fund (ETF), is no doubt mounting on US regulators as institutional investors, led by BlackRock (NYSE:BLK) with nearly $10 trillion in assets under management. (AUM), paid to enter the crypto industry. With the trillion dollar cryptocurrency market expected to overtake the precious metals market in the coming years, amidst a ballooning global inflation, the demand for well-regulated digital assets like Bitcoin and Ethereum cannot be ignored.
As a result, the political divide between Democrats and Republicans has increased when it comes to ways to regulate the nascent industry. According to the Biden administration, perhaps a view shared by most Democrats in Congress, most digital assets are unregulated securities, and investors should prepare for digital dollars through FedNow soon.
On the other hand, some politicians, including presidential candidate Robert F. Kennedy Jr., Bitcoin, and other crypto assets are integral parts of financial freedom that must be protected. As a result, experts anticipate a major rift in next year’s US presidential election over matters related to crypto assets.
Winklevoss Brothers Criticizes the Securities and Exchange Commission for Not Approving Secure Bitcoin ETF Products
According to Cameron Winklevoss, co-founder of Gemini, the SEC has driven American cryptocurrency investors into risky products and companies like FTX for failing to approve safer ways to access the nascent crypto market. Notably, Gemini applied for a Bitcoin ETF ten years ago but the SEC rejected the application.
Today marks 10 years since then @employee And I applied for my first Bitcoin ETF website. the @employeeRefusing to approve these products for a decade has been a complete and utter disaster for American investors and illustrates how the SEC is a failed regulator. Here’s why:
-“protected”… pic.twitter.com/xmK1xo1iX8
– Cameron Winklevoss (@cameron) July 2, 2023
According to the SEC, the bitcoin market is heavily controlled by laundering trading and there are no mechanisms to avoid mass fraud. However, Cameron noted that the SEC needs to stop exceeding its legal powers in regulating the crypto industry.
Perhaps the SEC will reflect on its poor track record and instead of overstepping its legal authority and trying to act as the guardian of economic life, it will focus on fulfilling its mandate of investor protection. male.
Notably, the cryptocurrency investor explained that some investors had to enter the digital asset industry through regulated and risky products such as the Grayscale Bitcoin Trust (GBTC), which he referred to as toxic. It is worth noting that Genesis Trading, backed by Gemini and Digital Currency Group (DCG), is under court supervision after failing to honor a reasonable deal on non-performing loans.
Meanwhile, the Securities and Exchange Commission (SEC) dismissed the recent Bitcoin ETF craze for its lack of clarity and asked the companies involved to review their filings. The Bitcoin ETF craze has greatly helped BTC price rebound from trading below $25k to $30.8k in the past few weeks.
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