Billionaire Gemini Founder Cameron Winklevoss Says White House Crypto Report Misses the Mark – Here’s Why
The founder of one of the largest crypto exchanges in the world comments on the recent White House crypto report.
In a seven-part thread, Gemini founder Cameron Winklevoss says his 706,000 Twitter followers as the recent White House crypto report underscores the risks of blockchain.
“When the White House issued its EO [Executive Order] back in March 2022 it was a watershed for the crypto industry. EO acutely recognized the transformative potential of crypto and the need for the US to lead on this front.
However, the submitted reports fail to capture the myriad of benefits and opportunities that crypto can and will bring to the US economy and financial system. Instead, the reports unfortunately focus DISPROPORTIONALLY ON THE RISKS and do not make clear recommendations.”
Winklevoss also says that regulation by enforcement will crash the nascent industry.
“The reports submitted also fail to fully appreciate that crypto can dramatically improve our existing financial system. Crypto has the power to transform our financial system by eliminating unnecessary intermediaries and increasing access and participation.
Regulation by enforcement does NOT give the crypto industry clear rules of the road. It is important to provide clear guidance so that companies like Gemini can continue to bring simple, safe and reliable products to our customers in a compliant manner.”
Two weeks ago, a White House report on digital assets questioned crypto’s energy use.
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