• Cameron Winklevoss, Co-Founder and President of crypto exchange Gemini, has claimed that the US SEC’s refusal to greenlight a Spot Bitcoin exchange-traded fund (ETF) has significantly harmed investors.
• He believes the lack of such a product has caused consumers to deal with the Grayscale Bitcoin Trust (GBTC), which “trades at a massive discount to NAV and charges astronomical fees.”
• Winklevoss criticized the securities regulator for its rejection spree on the launch of Spot BTC ETFs in the USA.
Cameron Winklevoss‘ Criticism Of The SEC
Cameron Winklevoss – Co-Founder and President of crypto exchange Gemini – has criticized the US Securities and Exchange Commission (SEC) for its refusal to greenlight a Spot Bitcoin exchange-traded fund (ETF). According to him, this decision by the regulator has significantly harmed investors, forcing them to deal with products like Grayscale Bitcoin Trust (GBTC) – which trades at a massive discount to NAV and charges astronomical fees.
Investors Forced To Settle For ‚Toxic‘ Options
The constant rejections from SEC have forced investors into FTX: “the largest financial frauds in modern history”, according to Winklevoss. He believes that not allowing a Spot BTC ETF has given Americans fewer bitcoin investment options, described as “the best-performing asset of the last decade.” As such, he argued that investors have already started accumulating BTC en masse – labeling it “the most obvious and best trade” of the next ten years.
SEC’s Rejection ‚A Failed Regulator‘
Winklevoss also stated that SEC’s refusal has been „a complete and utter disaster for US investors“ as it demonstrates how they are „a failed regulator“. The company initially filed for an application with SEC around 10 years ago but had not yet had their request approved despite numerous attempts.
Gemini’s Plan To Launch ETF
Despite all these issues, Gemini is still determined to launch their own ETF product in America if given an opportunity by SEC. They are currently working on other ways to bring institutional investments into cryptocurrencies as well as provide better access for retail customers while being compliant with regulations at all times.
Conclusion
Overall, Cameron Winkleveos expressed his dissatisfaction towards SEC’s decisions regarding Spot BTC ETFs as he believes it will harm investors in America who now have fewer options when it comes to investing in cryptocurrencies like Bitcoin. Despite this issue though, Gemini still strives forward with hopes of launching their own product soon – while also looking into ways of providing better access for retail customers within regulatory compliance limits.