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Cameron Winklevoss, co-founder of the Gemini cryptocurrency exchange, recently slammed the Securities and Exchange Commission (SEC), accusing the regulating agency of a track record of failure. Winklevoss noted that it has been a decade since the Securities and Exchange Commission received its first Bitcoin ETF application, which was swiftly rejected.
The Winklevoss brothers applied for a Bitcoin ETF-type trust in July 2013, hoping to create an investment vehicle that would track the price of Bitcoin and trade similarly to stocks on major markets like the Nasdaq. Unfortunately, the SEC rejected their original application, followed by a second effort in 2018.
While the SEC has already approved Bitcoin ETFs based on futures contracts, it claims that none of the proposed spot-based ETF arrangements fully address investor protection against fraudulent and manipulative practices.
On the tenth anniversary of the initial filing, Winklevoss chastised the SEC for what he saw as excessive delays, emphasizing that every previous application for a spot-based Bitcoin ETF had been stymied.
Winklevoss did not mince words when he stated, “The SEC’s refusal to approve these products for a decade has been a complete and utter disaster for U.S. investors.” He went on to assert that the agency’s reluctance showcases its failure as a regulator.
These failures, according to Winklevoss, have deprived investors of the most promising investment opportunity in the last 10 years. Instead of allowing investors to gain from Bitcoin exposure, he cynically added, the SEC has kept them “protected” from it.
The Winklevoss twins have long advocated for the formation of a Bitcoin ETF, which they believe would provide a more accessible and regulated channel for traditional investors to enter the cryptocurrency market. However, the SEC’s continued opposition to authorising a spot-based Bitcoin ETF has hampered their efforts and left them dissatisfied with the regulatory landscape.