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