Gemini Co-Founder: US needs to embrace crypto or be left behind

Cameron Winklevoss, the co-founder of crypto exchange Gemini, thinks that the next bull run in the cryptocurrency market could start in the East. Winklevoss argued that any government failing to offer clear rules and sincere guidance on the emerging asset class will be left behind, potentially missing out on the greatest period of growth since the rise of the commercial internet.

Winklevoss argues that cryptocurrency is here to stay, and any government failing to recognize this fact risks being left behind.

Winklevoss highlights that governments in regions such as Asia have been more receptive to cryptocurrency, providing clear regulations and guidance for investors. In contrast, the regulatory landscape in the US remains uncertain. While there is still no clear codified guidance, the US Securities and Exchange Commission (SEC) has recently been taking a “regulation by enforcement” approach. Gemini was subject to an enforcement action in January when the SEC accused the crypto exchange of offering and selling unregistered securities.

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We’ve recently seen countries such as the UAE and the UK introduce new regulatory frameworks for digital assets and blockchain. Last week, the EU Commission also launched a regulatory sandbox to encourage more dialogue between cryptocurrency and blockchain startups and regulators.