Cameron Winklevoss tweeted that it had been 10 years since Gemini applied to launch a bitcoin-linked ETF on July 2. But the SEC still refuses to approve it. According to Winklevoss, this was an absolute disaster for American investors and proves the failure of the SEC as a financial regulator.
As the head of Gemini put it, over the past decade, the SEC has “protected” investors from the most profitable investment products. In doing so, the agency has pushed them toward products like the Grayscale Bitcoin Trust (GBTC), which trades much cheaper compared to net assets (NAVs) and charges astronomical fees, Cameron Winklevoss is outraged.
He noted that the SEC’s reluctance to approve bitcoin ETFs has led to spot trading in bitcoin on unlicensed and unregulated venues outside of the US. The indecision of the regulator pushed investors “into the arms” of the collapsed crypto-exchange FTX, as a result of which people have suffered huge losses.
“Perhaps the SEC will reflect on its unfortunate reputation.. Instead of exceeding statutory authority, the SEC should focus on protecting investors, a fair market, and capital formation. Then U.S. investors will be much better off,” Winklevoss expressed hope.
In May, the Winklevoss brothers said they might open a second headquarters in the U.K. if U.S. regulators don’t stop holding back the industry in the United States.<br