Very recently, Winklevoss twins had run an Ad campaign for their New York-based digital assets exchange. Since the advertisement sounds more like ‘a regulations around it’, it had gone viral and eventually received criticism across social media. One of such criticizing comment can be seen on Shapeshift’s Erik Voorhees twitter profile, quoting Gemini’s Ad campaign.
Regulation-Centric Ad Campaign
While many crypto enthusiasts are not really optimistic about regulations on crypto, the Winklevoss publicly ran an advertisement by encouraging rules for crypto. The Ad goes as ‘Crypto Needs Rules’. Eventually, there’s has been various negative comments and opinions – an instance can be seen below.
Hey @Gemini… crypto has lots of rules already. Crypto IS rules. These rules are stronger than any political inscriptions; they are objective, open and knowable to all parties, they transcend borders, and they are enforced by mathematics. Crypto is a system of laws and not men. https://t.co/fblSPH0BZE
— Erik Voorhees (@ErikVoorhees) January 4, 2019
Winklevoss Twins Backlash
On Jan 24, 2019, Forbes media reported the podcast response of Winklevoss brothers for the comments received on their Ad campaigns. On pointing the adverse response from Shapeshift CEO, Erik Voorhees on the Ad campaign ‘Crypto Needs Regulations’, the twin brothers explained that;
“Well, we certainly know that we’re not going to please everybody, and I will say that I actually agree with Erik. Erik’s a very thoughtful thinker and an excellent writer, and I agree. Crypto doesn’t need rules because it has the rules of math and cryptography. The rules that we’re talking about are the regulatory 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.”
Further, on questioning Messari’s Dan MacArdle’s declaration of closing Gemini’s account (following the Ad material), they claim that every user at Gemini is free to leave the platform. During the discussion, they mark the ‘regulatory compliance are the essence for the digital asset exchange platform’. Recalling Japan’s Mt.Gox exchange and its bankruptcy event, the duo strongly claims that the proper rules and regulations for a trading platform are must prevent future collapse.
Winklevoss twins go on clarifying the scenario of regulations around crypto asset exchange. They claim, Bitcoin as permissionless money while trading platforms as a spot for strict regulations.
“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].”
However, while explaining, Winklevii notes that ‘need for regulations’ is not for ‘big brother state’. They recall horrible crimes of Sept 11, 2001, the attack in NewYork, and added that it is to prevent further terrorism.
Street Meetup – Gemini’s Awareness
Besides the regulatory stunt Ad that had run on early Jan 2019, Gemini Bitcoin Exchange has shared a glimpse of their public meet at Zuccotti Park. This time, it is more on creating awareness and addressing the possible queries of the general public about the Gemini platform, their mobile app and crypto industry at large.
Sneak peek into the Gemini meet and greet at Zuccotti Park where we talked about #crypto and answered common questions about the industry, our mobile app, and more! #cryptoandcoffee https://t.co/k2ELZnJTn0 pic.twitter.com/V4T97lWxSJ
— Gemini (@Gemini) January 24, 2019
Nevertheless, Gemini’s recent effort of bringing crypto adoption to the street has been embraced by many. In fact, Weiss rating and many users appreciated the initiative wherein the exchange comes forth on street to share insights as well as Gemini’s t-Shirt in Newyork.
— Weiss Ratings (@WeissRatings) January 25, 2019
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com