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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