Gemini Co., the crypto exchange founded by the Winklevoss Twins, has launched its first large-scale campaign. Its message is clear: We need more crypto regulation, reports the Wall Street Journal.
The ad campaign emphasizes that the chaotic crypto sector needs to protect investors. The ads messages are corresponding. They include “The Revolution Needs Rules,” “Crypto Without Chaos” and “Money Has a Future.” According to the newspaper, you can see them in the subway and on taxi-tops.
Chris Roan, head of marketing at Gemini, noted 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.”
He added that “In our competitive set there are widely varying degrees of adherence to regulatory guidance from people that oversee the more traditional financial marketers.”
And noted that some players advocate the approach of “decentralizing authority over money.” However, Gemini posits differently. The company believes that “there has to be a “bridge” between the old system and a new one.” Obviously, Roan also consider their exchange to the safest harbor for all crypto investors.
He made it clear that the campaign’s timing has to do with the recent release of the Gemini Mobile App. To really press the campaign’s point Gemini promises to release a full-page ad in the New York Times this Monday.
WSJ calls 2018 brutal for cryptocurrency’s market values. It also refers to multiple crypto heists that occurred in 2018. To remind, Coincheck, Conrail, Bithumb were all subject to malicious attacks that deprived crypto traders of millions of dollars. Hence WSJ points out that “the space could arguably use a dose of reputation repair.”
It also quotes the director of the Digital Currency Initiative at the MIT Media Lab Neha Narula’s stance on regulation. She believes that official rules are necessary. But at the same time, she stresses that one has to be careful with it, as sometimes it thwarts innovation.
“I wouldn’t want it to get to a case with crypto where innovation is stifled because it’s too expensive for them to comply with regulation,” she said.
A bit of pressure on SEC?
It is hardly a secret that Gemini Co. is keen on launching a Bitcoin ETF. However, the Security and Exchange Commission (SEC) has rejected its multiple applications. In July, the SEC explained that their then-latest application was rejected because the Commission is concerned about BTC price manipulation.
However, it soon became apparent that the rejection did not put off the famous twins. On the contrary, they promised to add more cryptocurrencies and expand their business. Shortly after, the company announced that all assets on Gemini are now insured. Then, the fraternal duo launched the USD-pegged Gemini dollar (GUSD), — a stablecoin that immediately became popular. Already in December, the Diar group published a report which stated that GUSD is doing extremely well. In fact, within a short three-month period the coin together with USDC, TUSD PAX breached the $5Bn in on-chain transactions.
That said, Gemini’s appetites are definitely growing. And the new campaign’s timing might have a hidden intent. After all, the SEC is about to make a decision on the VanEck/SolidX ETF application. If it receives the green light, then there is a good chance that the Winklevoss brothers will apply one more time and finally get their way.