The Winklevoss Brothers, who founded top crypto exchange Gemini (Gemini Trust Company) and are quite well-known in the crypto world today, have been vocal in support of the “Crypto Needs Rules” advert campaign meant to popularize their cryptocurrency exchange based out of New York.
The Gemini Exchange promotional campaign is easily visible to New Yorkers in form of placards saying “crypto needs rules” in the subway and on the back of the Yellow Cabs the city is so famous for. The other slogans used in this campaign are “crypto without chaos” and “money has a future”.
However, it is the “crypto needs rules” slogan that has received the most amount of heat. This is because many from the crypto sector have contended that the idea of rules could easily lead to centralization, something that is fundamentally in conflict with the vision that guided the beginning of cryptocurrencies.
Therefore, a lot of crypto enthusiasts are of the opinion that KYC (know your customer) and AML (anti money laundering)fx compliance can potentially kill the crux of crypto. The idea of decentralization is embedded in the concept of cryptocurrencies and new crypto launches strive to fulfill that to the maximum possible extent.
Co-founder of research and analytics form Messari, Dan McArdle was one of the most vocal against the advertising campaign, even going on to closing his account with the Gemini Crypto Exchange as a mark of protest.
However, Chris Roan, the man who heads the marketing division in Gemini and was therefore the man who possibly gave the final go-ahead on the campaign idea, defended it. While speaking to the Wall Street Journal, he said:
“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.”
The twins owning the exchange, Tyler and Cameron Winklevoss said that the aim of the advert was to address:
“…regulation oversight on how people use the technology and how people build the technology and how companies, like Gemini for example, custody assets and what kind of oversight.”
The brothers, both CEOs of the exchange feel that having financial regulators involved in tracking and monitoring, there will not be much violation of the users’ privacy, as they do not think there is not much of a “big brother” element there. They also opined that most users don’t mind having an authority keep an eye on their transactions.
“Terrorist financing is a real thing. Being a New Yorker and living in New York, you know, September 11, is a real thing and that’s really, that’s the overarching goal of [the Bank Secrecy Act and anti-money laundering laws].”
Clearly, the Winklevoss Brothers are looking out for the regulatory concerns around crypto while still trying to meet the needs of their customers.