New Yorkers have spotted a controversial ad campaign being run by Gemini, a cryptocurrency exchange. The advert is calling on regulators to provide clear laws to govern the cryptocurrency space. The Winklevoss twins are also indicating that they run a regulated cryptocurrency exchange.
While speaking to the Wall Street Journal, Chris Roan, the head of marketing at Gemini said that:
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. In our competitive set, there are widely varying degrees of adherence to the regulatory guidance from people that oversee the more traditional financial marketers.
The Gemini advert had phrases like “The revolution Needs Rules,” “Money Has a Future,” and “Crypto Without Chaos.”
But, the ad by Gemini did not auger well with those of the view that the major defining characteristic of crypto is that it is immune to regulations.
For example, Nick Foley, who was once the support representative at Coinbase, a leading cryptocurrency exchange in the United States, wrote on Twitter:
Rules like mathematics? Sure. Crypto needs that. Rules like ‘KYC AML licensing taxation Patriot Act bitlicense bullshit?’ No. Crypto doesn’t need that.
Foley added that:
Regulations aren’t something to be celebrated, as this ad seems to do. The ad makes the regulators feel a false sense of importance, and encourages and perpetuates the current corrupt system.
However, Gemini is not done with its push for regulations as it says that it will have a “full-page ad in the New York Times on Monday,” to press the point home.
MIT Media Lab’s director of the Digital Currency Initiative, Neha Narula, seems, in a way, to agree with the views of Foley. Narula agrees that regulations are vital ‘where they apply’ but they should also be checked not to “stifle innovation.”
Do you think Gemini is pushing for regulations so that more people can board the crypto train?
Let us know your thoughts in the comments section below.