• Cameron Winklevoss says the SEC’s crypto policies have been a disaster for U.S. investors
• He claims the SEC’s rejection of spot Bitcoin ETF applications harmed investors by limiting their ability to build wealth via exposure to digital assets
• He calls on the regulator to focus on its core mission instead of trying to be a “gatekeeper of economic life”
Cameron Winklevoss Slams SEC
Cameron Winklevoss, co-founder of Gemini crypto exchange, has criticized the U.S. Securities and Exchange Commission (SEC) for its policies concerning cryptocurrencies, saying that they have proven to be a complete disaster for American investors.
Rejection of Spot Bitcoin ETF
He noted that 10 years ago, he and his twin brother Tyler had applied for an ETF tracking spot Bitcoin (BTC), but their application was denied. This decision, he said, only limited people’s ability to make money off digital assets and pushed them towards other options such as Grayscale Bitcoin Trust (GBTC).
Focus on Core Mission
Winklevoss believes that instead of overstepping its authority and acting like a gatekeeper, the SEC should focus on protecting investors while fostering fair and orderly markets and facilitating capital formation. He also gave his support those who are currently filing applications for a Bitcoin ETF.
Impact on US Investors
The denial of Winklevoss’ application has forced US investors away from legitimate products into toxic variants such as GBTC which trades at a discount to NAV (net asset value) with prohibitively high fees, or even lured them into fraudulent schemes such as FTX’s alleged fraud.
Conclusion
In conclusion, Cameron Winklevoss expressed his hope that the SEC will take responsibility for its past mistakes in order to bring better outcomes for US investors in terms of access to safe cryptocurrency investments products like spot Bitcoin ETFs.
