Bitcoin [BTC] and other cryptocurrencies continue to be a special case for regulators all over the world. With some of the places known to have a very friendly crypto-environment and others known to be hostile, but rarely in between. It is important to underline that the currency has taken center stage in the United States, such as decisions on the regulation of space, in which it protects investors without hindering innovation, is still one of the main concerns of regulatory bodies throughout the country.
So far, the state of Wyoming is considered to have an environment favorable to the technology of cryptocurrency and blockchain and New York is considered the worst place for industry. In addition, several influencers in space such as Jesse Powell, CEO of Kraken, and Erik Voorhees, CEO of Shapeshift, have spoken openly about the hostile environment to New York's cryptocurrency.
However, the Winklevoss brothers have a different perspective on the cryptocurrency regulation in New York. Tyler Winklevoss said that with the regulation, there is the reason why they "have a business", taking into consideration the issue of BitLicense. BitLicense is a commercial license provided to companies operating in the cryptocurrency space by the Department of Financial Services of the State of New York [NYSDFS]. He said:
"[…] without a license, it is not possible to obtain a bank account and it is not possible to accept Fiat deposits. So you can not start your business. So, we think the regulation was a big boom for New York. He brought many companies […] We would have gone to Alaska if it were possible, but it was not. So we chose New York. So we think that regulation was a great victory for the State of New York.
This was followed by Cameron Winklevoss who explained whether Gemini is seeking further guidance and regulation from other regulatory bodies, including the United States Securities and Exchange Commission. He said:
"Well, I think the idea is a weighted regulation, so we worked on the association of virtual raw materials, which is an SRO to help the auto-police virtual commodity market, and bring best practices from world of stock and the world of derivatives in the cryptic world. "
He also said that Gemini is not trying to "reinvent" the wheel, but is simply taking these protective and protection measures and taking it to the cryptocurrency space.
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