Tyler and Cameron Winklevoss remain firm in their intention to promote growth in crypto-based financial services by perceiving them as instruments regulated by the authorities in the same way as other assets, stocks, bonds, and similar products.
According to a report published by The Wall Street Journal, Gemini Trust Co, the cryptocurrency Exchange owned by the Winklevoss twins started an advertising campaign advocating for a broader and better developed regulatory system for cryptocurrencies.
Chris Roan, Gemini’s head of marketing commented to The Wall Street Journal team that Gemini’s philosophy sees no distinctions between the crypto market and traditional financial markets:
“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.
The advertising campaign arises after the Securities and Exchange Commission denied the request for approval of a Bitcoin ETF. Gemini has always prided itself on offering its clients a series of services that are compatible with US legal stipulations.
The advertising agency Interesting Development was in charge of designing the campaign, which in addition to raising awareness, has as a peculiarity that started near the launch of the platform’s mobile app.
Winklevoss Brothers: Promoting a Controversial Philosophy
The Winklevoss twins put ads with slogans like “The Revolution Needs Rules,” “Crypto Without Chaos” and “Money Has a Future” in several subway stations, taxi-tops and bus stops across New-York. They also plan to publish a full-page ad in The New York Times tomorrow.
The campaign promoted by the “Winklevii” has sparked diverse reactions in the community. On the one hand, it has received the support of a group of people who believe that with a more significant effort by the state to offer quality regulations, a wave of institutional investors could be stimulated that not only drives adoption but also triggers the longed-for next Bitcoin bull run.
However, in social networks, this move has also received harsh criticism from people who believe that the twins’ vision goes against the ethos of Bitcoin and many of the cryptocurrencies they support in their Exchange.
Rules like mathematics? Sure. Crypto needs that. Rules like "KYC AML licencing taxation Patriot Act bitlicense bullshit?" No. Crypto doesn't need that. pic.twitter.com/8azzqCKlwa
— Nick Foley (@BookofNick) January 4, 2019
Another critic is Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, who told the New York Times that excessive regulation could run against the growth of the entire ecosyste:
“There is a huge problem with market integrity, with consumer protection, and we definitely need to make sure that regulations are being enforced where they apply …
I wouldn’t want it to get to a case with crypto where innovation is stifled because it’s too expensive for them to comply with regulation,”