Winklevoss Twins Address Criticism Surrounding Their Regulation-Centric Ad Campaign

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Fri, 01/25/2019 - 20:01
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    The Winklevii state that campaigning for more regulations is not an attempt to establish a ‘big brother state’

Cover image via U.Today
Contents

The Winklevoss brothers defend their pro-regulation stance by saying that they could prevent major hacks and terrorist attacks. The backlash was provoked by their ad campaign that signifies the importance of regulations.  

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A controversial topic

As U.Today reported on Jan. 4, Gemini launched the new ‘Revolution Needs Rules’ campaign that is supposed to bring more regulatory clarity to the crypto space. As expected, the expected this move stirred controversy in the cryptocurrency community since not everyone supports the idea of regulations.
Winklevoss Twins Address Criticism Surrounding Their Regulation-Centric Ad Campaign     
For instance, ShapeShift CEO Erik Voorhees took a dig at Gemini, claiming that the industry is already governed by the rules of cryptography. These rules, according to Voorhees, are able to transcend borders.

Learning from past mistakes

The duo also recalled the infamous Japanese exchange Mt. Gox, claiming that proper regulations could have prevented the hack of the crypto behemoth (it remains the biggest-related crypto hack to date). The now-defunct exchange is expected to start repaying its creditors in May 2019.

They also emphasize that regulations could prevent terrorism, which is especially vital for them as New Yorkers.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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