In a scathing critique of the U.S. Securities and Exchange Commission (SEC), Cameron Winklevoss, co-founder of Gemini, commemorated the 10th anniversary of his and Tyler Winklevoss’ first spot Bitcoin ETF filing, asserting that the SEC’s decade-long refusal to approve such products has been a profound disappointment for American investors.
Winklevoss condemned the regulatory body, accusing it of impeding investors from participating in the remarkable growth of the past decade’s top-performing asset.
The entrepreneur pointed out that the SEC’s resistance had forced investors into precarious alternatives like the Grayscale Bitcoin Trust (GBTC), notorious for its substantial discount to net asset value and exorbitant fees.
Moreover, Winklevoss claimed that the SEC’s actions had inadvertently driven spot bitcoin activity offshore, leading to unlicensed and unregulated venues gaining prominence.
This, he argued, exposed investors to risks associated with fraudulent practices, notably citing the FTX scandal as one of the largest financial frauds in recent history.
Looking forward, Winklevoss hoped the SEC would reflect on its underwhelming track record. He urged the regulatory body to focus on fulfilling its core mandate of safeguarding investors.
Concluding his message, the co-founder of Gemini extended his best wishes to all those advocating for the introduction of spot Bitcoin ETFs in the United States.