Cameron Winklevoss, co-founder of crypto exchange Gemini, criticized the US Securities and Exchange Commission (SEC) for refusing to approve spot bitcoin ETFs.
In 2013, the co-founders of the trading platform first applied for a spot trust, he said. The department rejected it.
“The failure to approve these products for ten years is a complete and utter disaster for US investors and demonstrates that the SEC is a failed regulator,” Winklevoss said.
In his opinion, the Commission’s approach forces investors to use unlicensed platforms to access spot ETFs based on the first cryptocurrency.
Cameron Winklevoss called Grayscale’s bitcoin trust a “toxic product” and called FTX one of the “biggest financial scams in modern history.” In his opinion, it is the department that is pushing investors to use them.
“Perhaps the SEC will reflect on its dismal track record and, instead of exceeding legal authority and trying to act as the gatekeeper of economic life, will focus on fulfilling its mandate to protect investors,” wrote the Gemini co-founder.
Recall, on June 30, it became known that the SEC called “fuzzy and non-exhaustive” applications for a spot bitcoin ETF from BlackRock, Fidelity and other companies. After that, they made changes to their documentation.
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