The founder of one of the biggest crypto exchanges in the world is commenting on the recent White House crypto report.
In a seven-part thread, Gemini founder Cameron Winklevoss tells his 706,000 Twitter followers that the recent White House crypto report over stresses the risks of blockchain.
“When the White House released its EO [Executive Order] back in March 2022, it was a watershed moment for the crypto industry. The EO astutely acknowledged the transformative potential of crypto and the need for the US to lead on this front.
The reports submitted, however, 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 DISPROPORTIONATELY FOCUS ON THE RISKS and do not provide 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 provide the crypto industry with 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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