Cameron Winklevoss says that the U.S. Securities and Trade Fee (SEC) is doing extra hurt than good to crypto traders.
The Gemini crypto change co-founder tells his 718,700 Twitter followers that the SEC’s previous rejections of spot Bitcoin (BTC) exchange-traded fund (ETF) purposes weren't in the perfect curiosity of traders.
Winklevoss says that he and his twin brother, Tyler Winklevoss, filed for a spot Bitcoin ETF 10 years in the past, and the SEC refused to approve it.
In response to Winklevoss, the SEC’s rejection solely harmed traders by limiting their potential to construct wealth by way of publicity to the primary digital asset.
“In the present day marks 10 years since Tyler and I filed for the primary spot Bitcoin ETF. The SEC’s refusal to approve these merchandise for a decade has been a whole and utter catastrophe for US traders and demonstrates how the SEC is a failed regulator.
Right here’s why:
- ‘protected’ traders from the best-performing asset of the final decade.
- pushed traders into poisonous merchandise just like the Grayscale Bitcoin Belief (GBTC) which trades at a large low cost to NAV (internet asset worth) and expenses astronomical charges.
- pushed spot Bitcoin exercise offshore to unlicensed and unregulated venues.
- pushed traders into the arms of FTX, subjecting them to one of many largest monetary frauds in fashionable historical past.”
Winklevoss additionally claims that the SEC is exceeding its statutory energy in its crackdown on crypto and calls on the highest safety regulator to deal with its core mission.
“Possibly the SEC will mirror on its dismal document and as an alternative of overstepping its statutory energy and making an attempt to behave just like the gatekeeper of financial life, it can deal with fulfilling its mandate of investor safety, fostering honest and orderly markets, and facilitating capital formation. This may have led to significantly better outcomes for US traders.”
Winklevoss lends his assist to those that have not too long ago filed for Bitcoin ETFs.
“Within the meantime, better of luck to all these combating the great battle to deliver US spot Bitcoin ETFs to life. Onward!”
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