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The Gemini cryptocurrency exchange founded by the Winklevoss twins in 2014 requires better regulation of cryptographic space in a new advertising campaign, reports from the Wall Street Journal (WSJ) on January 4th.
The signs on taxis and the New York subway contain slogans such as "crypts need rules" and at the same time suggest that Gemini already offers an exchange that complies with the regulations for investors. Other slogans include "money has a future" and "cryptography without chaos". Chris Roan, Gemini's marketing manager, told the WSJ:
"We believe that investors who enter cryptocurrency deserve the same identical protection as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols".
Some in the crypto space have criticized the advertisements, saying that the introduction of anti-money laundering (AML), Know Your Customer (KYC) and other security measures are antithetical to the founding principles of cryptocurrencies.
Rules like math? Sure. Crypto needs this. Rules like "KYC license fee AML Patriot Act bullshit bitlicense?" No. Crypto does not need it. pic.twitter.com/8azzqCKlwa
– Nick Foley (@BookofNick) January 4, 2019
Blockchain Kryptic Nation education platform He said on Twitter, exchanges like Gemini are seeking regulation from "the same individuals and cartel leaders who have annihilated the average man for years." This sign saddens me. "
Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, told the WSJ that the regulations are not applied consistently across the cryptographic space. He said: "There is a huge problem with the integrity of the market, with consumer protection, and we absolutely must make sure that the regulations are applied where they apply".
Narula added that although regulation is often inconsistent, overregulation could stifle innovation if compliance becomes too costly for companies trying to enter the space.
In an attempt to ensure that cryptographic space does not suffer from a too severe legal framework, American legislators have introduced a bill in the House of Representatives dubbed the "Token Taxonomy Act". The act would exclude tokens from being considered as securities and would provide a new definition for cryptographic assets.
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