The Gemini cryptocurrency exchange founded by the Winklevoss twins in 2014 is looking for higher regulation of the crypto area in a very new advertising campaign, the Wall Street Journal (WSJ) reports on January. 4.
Placards on taxis and within the New York town subway contain slogans like “crypto needs rules” whereas at the same time suggesting that Gemini already provides a restrictive compliant exchange for investors. Alternative slogans include “money has a future” and “crypto without chaos.” Chris Roan, head of promoting at Gemini, told the WSJ:
“We believe that investors coming into cryptocurrency deserve the precise same protections as investors in additional traditional markets, adhering to the identical standards, practices, laws and compliance protocols.”
Some within the crypto space have criticized the ads, saying that the introduction of anti-money laundering (AML), know your customer (KYC) and different security measures is antithetical to the founding principles of cryptocurrencies.
Rules like mathematics? Sure. Crypto needs that. Rules like "KYC AML licensing taxation patriot Act bitlicense bullshit?" No. Crypto does not need that. pic.twitter.com/8azzqCKlwa
— Nick Foley (@BookofNick) January 4, 2019
Blockchain education platform Kryptic Nation said on Twitter that exchanges like Gemini are seeking regulation from “the same people and corporate trust leaders that are screwing the common man for years. This sign makes me sad.”
Neha Narula, director of the Digital Currency Initiative at the MIT Media lab, told the WSJ that laws don't seem to be systematically applied throughout the crypto area. She said, “There could be a vast problem with market integrity, with client protection, and that we undoubtedly need to make sure that laws are being enforced where they apply.”
Narula added that, whereas regulation is usually inconsistent, overregulation might stifle innovation should compliance become too expensive for firms making an attempt to enter the house.
In a trial to ensure that the crypto house doesn't suffer from an overly-strict legal framework, American legislators have introduced a bill within the the House of Representatives dubbed the Token Taxonomy Act. The act would exclude tokens from being considered securities, and supply a brand new definition for crypto assets.
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