Gemini co-founders claim lack of regulation is what’s keeping Bitcoin from superseding gold

Cryptocurrency markets are not doing too well these days, but the co-founders of exchange platform Gemini believe that a lack of thoughtful regulation is what’s keeping bitcoin from succeeding, Fortune reports. Tyler and Cameron Winklevoss have just launched a campaign called “Revolution Needs Rules,” which aims to promote the idea, while also celebrating the launch of Gemini’s mobile app.

“The idea is that companies that build on top of things like bitcoin should have regulation that’s thoughtful and that doesn’t stifle innovation,” said Tyler Winklevoss. “People believe in the dream of crypto, they just don’t know how to engage in it without getting burned. We’re here to say Gemini’s a place you can do that.”

Gemini’s proposal to offer a Bitcoin ETF had been previously rejected by the SEC, but the Winklevosses say they are still very committed to the process. “We get the Commission being conservative on this as it’s the first of many products, and we have to get it right,” said Cameron Winklevoss, noting that Gemini currently does not have a pending ETF application.

 

Correction: An earlier version of this story incorrectly characterized the Winklevosses’ position regarding regulation.

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