Cameron Winklevoss says the US Securities and Exchange Commission (SEC) is doing more harm than good to crypto investors.
The co-founder of Gemini crypto exchange tells are 718,700 Twitter followers that the SEC’s previous rejections of spot Bitcoin (BTC) exchange-traded fund (ETF) applications were not in the best interest of investors.
Winklevoss says he and his twin brother, Tyler Winklevoss, filed for a Bitcoin ETF 10 years ago and the SEC declined to approve it.
According to Winklevoss, the SEC’s rejection only hurt investors by limiting their ability to build wealth by limiting exposure to the number one digital asset.
“Today marks 10 years since Tyler and I applied for the #1 spot Bitcoin ETF. The SEC’s refusal to approve these products for a decade has been an unmitigated disaster for US investors and shows how the SEC is a failed regulator.
This is why:
- investors ‘protected’ from the best performing assets of the past decade.
- pushed investors into toxic products like the Grayscale Bitcoin Trust (GBTC), which trades at a massive discount to NAV (intrinsic value) and charges astronomical fees.
- pushed spot Bitcoin activity offshore to unlicensed and unregulated locations.
- thrust investors into the arms of FTX, subjecting them to one of the largest financial frauds in modern history.
Winklevoss also claims the SEC is overstepping its legal power in its crackdown on crypto and calls on the top security regulator to focus on its core mission.
“Perhaps the SEC will reflect on its dismal record and instead of overstepping its legal power and trying to act as the gatekeeper of economic life, it will focus on fulfilling its investor protection mandate, promoting fair and orderly markets and facilitating capital formation. This would have led to much better results for US investors.”
Winklevoss extends its support to those who have recently applied for Bitcoin ETFs.
“In the meantime, good luck to everyone fighting the good fight to bring US mock Bitcoin ETFs to life. Forward!”
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