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Winklevoss Twins Ordered to Pay Legal Costs for Shrem Case

Winklevoss Twins Ordered to Pay Legal Costs for Shrem Case

Bitcoin entrepreneurs and Gemini founders Tyler and Cameron Winklevoss have been ordered to pay USD 45,000 in legal costs in an ongoing case from 2013 against convicted BitInstant owner Charlie Shrem.

The payment relates to a lengthy court case in which the Winklevoss twins had instigated an investigation and asset freeze on Shrem concerning money owed to the brothers from a Bitcoin trade deal at the time.

The sum amounting to BTC 5,000 was allegedly not returned to the twins as it should have been; cryptocurrency which the Winklevoss brothers accused Shrem of spending on himself. A judge at the Court of the Southern District of New York has now ruled twice in favor of Shrem in the case over the past three months. As a result, Shrem is to receive around USD 45,000 in legal costs.

Shrem, now best known for his part in a money laundering scheme connected to the Silk Road black market, was sentenced to two years in jail in 2014. The Bitcoin entrepreneur who formerly ran his own Bitcoin exchange BitInstant was forced to resign from the board which oversaw the company at the time.

He pleaded guilty then, allowing users of Silk Road to anonymously exchange cash for Bitcoins, working with a cohort Robert Faiella of Florida. The transactions were fulfilled to the tune of USD 1 million dollars using Shrem’s exchange.

The case between the twins and Shrem over the disputed BTC 5,000 continues.

 

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Winklevoss Twins Hit Back at Critics of NYC ‘Crypto Needs Rules’ Advertising

The co-founders of Gemini Trust Company, Tyler and Cameron Winklevoss have been responding to criticism of their ‘Crypto Needs Rules’ advertising campaign, launched for their New York-based digital asset exchange.

The concept of new rules surrounding cryptocurrencies, for many, is proving difficult to tolerate in the industry. The “crypto needs rules” placards can now be seen on the New York Subway and on the back of Yellow Cabs, promoting Gemini along with other slogans such as “money has a future” and “crypto without chaos.”

Many industry players feel that rules such as AML and KYC security measures go against the grain of Bitcoin’s purpose, conflicting with the original idea of a decentralized crypto economy. Messari co-founder Dan McArdle was so incensed by the advertising material that he closed his Gemini account in objection to the ads. Chris Roan head of Gemini marketing was quick to defend the advertising, telling the Wall Street Journal:

“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 Winklevoss twins have argued that their advertising is aimed at “…regulation oversight on how people use the technology and how people build the technology and how companies, like Gemini for example, custody assets and what kind of oversight.” The Gemini CEOs deny that financial regulations have a “big brother” element, but can effectively prevent crime, arguing that most people are fine with having their transactions monitored. They commented:

“Terrorist financing is a real thing. Being a New Yorker and living in New York, you know, September 11, is a real thing and that’s really, that’s the overarching goal of [the Bank Secrecy Act and anti-money laundering laws].”

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Winklevoss Twins Say Bitcoin Regulation Necessary to Safeguard Investors

Winklevoss Twins

The Winklevoss twins have come forward in favor of crypto regulation despite the recent price tank in the market. The billionaire co-founders of the crypto exchange Gemini, Cameron and Tyler Winklevoss (the Winklevoss twins) are also still hopeful for a quick market recovery.

Expressing their views in an interview with Fortune, they also discussed comparisons of Bitcoin to gold, believing that the usage of stablecoins will increase in the crypto industry.

The timing of this interview is important as it came just a week after their eyebrow-raising advertising campaign in which buses, bus stops and taxis all over the New York bore the Gemini ads saying “Crypto Needs Rules”. This campaign initiated a country-wide debate to regulate the cryptocurrencies in a manner that it does not hinder blockchain technology’s growth.

Tyler Winklevoss added that crypto-based businesses have a huge potential as people desperately want to invest in such companies. However, the uncertainty in regulations is holding them back. He argues that people don’t want to get burned in the process so crypto regulations which do not hinder the innovation must be brought as soon as possible.

Furthermore, Cameron Winklevoss stated that stablecoins had the potential to simplify the flow of reserve currencies like the dollar, only on blockchain. He made his assessment based on the fact that more than half of the USD 100 bills are held overseas.

The Winklevoss borthers are not the only ones to predict such a bullish future. Recently, Lou Kerner of Crypto Oracle also suggested that in future, Bitcoin would replace gold as a better store of value.

 

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