Gemini Crypto Boss Angry at SEC, Asked for ETF Permits for 10 Years But Never Comes Out

Liputan6.com, Jakarta – Gemini crypto exchange boss Cameron Winklevoss criticized the US Securities and Exchange Commission (SEC) for the failure and delay in getting the Bitcoin ETF registered.

Winklevoss notes it has been ten years since the agency accepted what it calls the first Bitcoin ETF application that Gemini submitted.

The Winklevoss twins, who co-founded crypto exchange Gemini, first pitched a trust like the Bitcoin ETF in July 2013, moving early to build investment vehicles that track Bitcoin prices and trade similarly to stocks on exchanges like the Nasdaq.

Winklevoss’ initial filing, along with a second attempt in 2018, was ultimately rejected by the SEC. Meanwhile futures-based Bitcoin ETFs have since received a regulatory green light in the US.

The SEC claims none of the spot ETF arrangements so far proposed are sufficient to protect investors from fraudulent and manipulative acts and practices. So, on the 10th anniversary of the first filing, Winklevoss criticized the SEC for allegedly protracted in reviewing Bitcoin ETF registrations.

Failed Regulators

“The SEC’s refusal to approve these products for a decade has been a total disaster for US investors,” Winklevoss said, quoted from Decrypt, Monday (3/7/2023).

He added the agency’s reluctance shows how the SEC is a failed regulator. This failure, according to Winklevoss, includes disconnecting investors from the best investment opportunities of the last decade.

Unclear Bitcoin ETF Registration

Recently, the SEC reviewed various Bitcoin ETF registrations from major financial firms such as BlackRock and Fidelity. The SEC called the recent BlackRock and Fidelity Bitcoin ETF applications insufficiently clear and comprehensive.

As the crypto market took a hit following the SEC lawsuit against Binance and Coinbase on June 5, BlackRock’s move to build a Bitcoin ETF venue two weeks later reignited optimism in the crypto industry and pushed Bitcoin higher.

Wrapping up BlackRock’s wave of Bitcoin ETF apps, other companies are starting to follow suit including Invesco, Wisdom Tree, and Valkyrie.

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