Gemini Co-founder Marks Spot Bitcoin ETF Approval Struggle for A Decade
The 10-year anniversary of the day that Cameron Winklevoss and his brother Tyler filed for the top slot in the first Bitcoin Exchange-Traded Fund (ETF) was celebrated today by the co-founder of the cryptocurrency exchange Gemini. The businessman took the opportunity to lambast the Securities and Exchange Commission (SEC) of the United States for its ongoing refusal to approve such items. He claimed that this hesitation has proven to be harmful to American investors.
The Winklevoss brothers think that the SEC's efforts have harmed investors more than they have helped them, especially by preventing them from investing in Bitcoin, the asset that has performed the best over the previous ten years.
The SEC's opposition to approving Bitcoin ETFs, according to Cameron Winklevoss, has instead led investors to «toxic products» like the Grayscale Bitcoin Trust (GBTC). He emphasised the problems with GBTC, such as the enormous discount to Net Asset Value (NAV) and the extremely high fees.
Furthermore, he emphasised how this regulatory impasse has prompted spot Bitcoin activity to move overseas. Winklevoss claims that as a result, dangers for investors have increased because they are now dealing with unregistered and unregulated venues.
One significant result highlighted by Winklevoss was the fact that investors are now turning to platforms like FTX as a result of the SEC's denial. He argues that because of this, they have been the victims of one of the biggest financial frauds in contemporary history.
Winklevoss urged the SEC to consider its record in a call to action. He advised the SEC to concentrate on carrying out its mandate rather than exceeding its statutory authority and serving as an economic life gatekeeper.
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