On the popular blockchain and cryptocurrency podcast ‘unchained’, Laura Shin interviewed the founders of the New York crypto exchange Gemini, Tyler and Cameron Winklevoss. During the podcast, the famous twins explained some of the problems that have held up Gemini and other ETF projects too.
The two brothers say that concerns about market manipulation are a crucial factor in the delays of the Bitcoin ETF by the Securities and Exchange Commission. In addition, Tyler said that he believes investors in the cryptocurrency space need protection.
“I think that investors deserve the same protections that they get if they buy a share of Tesla or Apple, and I don’t think it’s unreasonable for regulators to strive for that, and especially since, as Cameron mentioned, this would be the first of many. It’s much more than just one product. It opens a big frontier, and it’s got to be opened correctly.”
As reported by ZyCrypto, the crypto exchange, Gemini, has recently begun an advertising campaign that is attempting to push for a regulated space. So if you live in New York and take the subway, you can expect to see a few ads aimed at the middle class and working class just as much as financial leaders.
Another company that is familiar with how the SEC works is Bitwise. They have agreed that manipulation is one of the main issues that regulators must find solutions for before an ETF could be given the green light.
“The questions the SEC has asked publicly around custody, pricing, arbitrage and market manipulation in the crypto markets are the right issues to be discussing.”
The firm has said that progress is being made with regulatory bodies as well as an overall acceptance of cryptocurrency as a thing that could eventually lead to the culmination of their project. “We’re optimistic that progress in regulated crypto custody, the massive improvement in and expansion of the crypto market making community, and new data insights will help make approving a product more feasible.”
Despite delays been made, Bakkt is also ramping up its efforts in preparation. The aimed launch is being impacted by the United States government shutdown. Even so, this hasn’t prevented them from speeding up the hiring process.
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