The Winkevoss-founded Gemini cryptocurrency exchange is pushing for improved regulation of the crypto space in a recently-launched ad campaign that was reported by the Wall Street Journal (WSJ).
Placards seen on taxis and in the New York City subway hold slogans such as “crypto needs rules” while also proposing that Gemini already provides a regulatory compliant exchange for investors.
Other slogans are “money has a future” and “crypto without chaos.”
Chris Roan, Gemini’s head of marketing at Gemini, was quoted as saying in the report:
“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”
Some corners of the crypto space have lambasted the ads, claiming that the introduction of anti-money laundering (AML), Know Your Customer (KYC) and other security measures is negating the founding philosophies of cryptocurrencies.
Neha Narula, director of the Digital Currency Initiative at the MIT Media Lab, was quoted as saying that regulations are not implemented on a consistent basis all throughout the crypto space.
She declared, “There is a huge problem with market integrity, with consumer protection, and we definitely need to make sure that regulations are being enforced where they apply.”
Narula also said that while regulation is often inconsistent, overregulation could also hamper innovation should compliance become too costly for companies that are trying to penetrate the space.
In a bid to make sure that the crypto space does not get hampered by an overly-strict legal framework, American legislators have launched a bill in the House of Representatives called the Token Taxonomy Act. The act would omit tokens from being considered securities, and offer an updated definition for crypto assets.
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