In line with a recent report ‘published‘ by WSJ [Wall Street Journal], the Gemini crypto exchange led by the Winklevoss brothers, earlier in 2014 is seeking for better regulation of the cryptocurrencies in a new add campaign.
Placards on taxis and within New York subway contain slogans like “crypto require rules” whereas simultaneously suggesting that Gemini already provides a regulatory compliant exchange for investors. While alternate slogans embrace “money has a future” and “crypto without any chaos.” Chris Roan, head of marketing at Gemini, told WSJ:
“We believe that investors returning into cryptocurrency deserve the precise same protections as investors in other standard markets, adhering to an equivalent standards, practices, laws and compliance protocols.”
Some within the crypto ecosystem have criticized the ads, stating that the introduction of AML [anti-money laundering], KYC [Know Your Customer] and additional security measures is incompatible with the founding principles of ‘cryptocurrencies‘.
While expressing personal reviews Nick Foley ‘posted‘ on twitter mentioning:
Blockchain education platform Kryptic Nation aforementioned on ‘Twitter‘ that exchanges like Gemini are seeking regulation from “the same people and consortium leaders that have been screwing the common man for years. These sign makes me unhappy.”
Director of the Digital Currency Initiative at the MIT Media laboratory ‘Neha Narula’, told the WSJ that laws don’t seem to be systematically applied throughout the crypto ecosystem. She said, “There is a huge drawback with market integrity, with client protection, and we undoubtedly need to make ensure that laws are being implemented where they apply.”
Narula added that, while regulation is commonly inconsistent, overregulation might stifle innovation should compliance become too overpriced for companies attempting to enter the phase.
In a trial to confirm that the crypto ecosystem doesn’t suffer from an associated overly-strict legal framework, American legislators have ‘introduced‘ a bill within the the House of Representatives dubbed the Token Taxonomy Act. The act would exclude tokens from being thought-about securities, and offer a new definition for crypto assets.