- Gemini co-owner urges SEC to approve bitcoin ETF
- While there is no free market, investors work with scammers
- This led to massive disasters.
Gemini crypto exchange co-founder Cameron Winklevoss raised the issue of the importance of opening a bitcoin ETF. He said that 10 years ago, together with his twin brother Tyler Winklevoss, he applied to launch such a product, but was refused by the SEC.
The businessman believes that these 10 years “became a complete and utter disaster for American investors.” They suffered losses because they were forced to use the services of “toxic” unregulated firms.
Winklevoss calls Grayscale Bitcoin Trust (GBTC) shares the first “toxic” product, which is currently trading at a huge discount compared to the real price of bitcoin. At the same time, Grayscale charges astronomical fees for its services and does not allow reselling securities on the open market.
The lack of a Bitcoin ETF has been one of the reasons why the FTX scammers and hundreds of other similar projects around the world have been successful. At the same time, the US treasury loses huge revenues. After all, spot activity with bitcoins has flowed abroad.
Winklevoss hopes the SEC will “think about its infamous record.” He urged the commission to stop crypto-repression – especially since many of their actions are beyond the powers of the SEC.
“I wish them to promote a fair and orderly market and the accumulation of capital. This would lead to much better results for US investors.”