The Gemini Cryptocurrency Exchange launched an ad campaign to call for better regulations for managing cryptocurrency transactions.
In a new ad campaign, Gemini Cryptocurrency called for better regulations in the cryptocurrency space, according to reports by the Wall Street Journal on January 4th. Gemini crypto was founded in 2014 by the Winklevoss twins.
Taxis and the New York City Subway had placards placed on them, carrying slogans like “crypto needs rules.” The placards also contain other slogans like “money has a future” and “crypto without chaos.”
The head of marketing at Gemini, Chris Roan, said that “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets”. He further stated that investors in the cryptocurrency industry should have regulations guiding their activities. They should also be made to adhere to the same standards, practices, regulations, and compliance to protocols as those found in traditional markets.
The ad campaign has received a lot of criticism from several leaders and spokespeople within the crypto space. Critics pointed out the incorporation of Anti-money Laundering (AML), Know Your Customer (KYC) and other security measures are in direct conflict to the founding principles of cryptocurrencies.
Kryptic Nation, a blockchain education platform tweeted that crypto exchanges like Gemini are looking for regulations from the same set of people that have been overriding the average person for years.
Neha Narula, Director of the Digital Currency Initiative at the MIT Lab said that regulations are not judiciously put to action within the cryptocurrency space. She also stated that the main issues facing the crypto space are market integrity and customer protection. She said that the enforcement of regulations where necessary will help solve these issues.
Narula pointed out that although regulations within the crypto space are, at most times, inconsistent, therefore overregulation would do more harm than good. This is because overregulation could stifle innovations and make compliance too expensive for firms wanting to join the crypto space.
American legislators have introduced a bill in the House of Representatives, called The Token Taxonomy Act. The bill proposes that security laws should not apply to tokens so that the cryptocurrency space does not suffer from unfriendly legal frameworks. It would also provide a new definition for crypto assets moving forward.
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