Cameron Winklevoss: The SEC’s Refusal to Approve Bitcoin Spot ETFs is a Disaster
Cameron Winklevoss, co-founder of the cryptocurrency trading platform Gemini, has heavily criticized the US Securities and Exchange Commission (SEC) for its decade-long refusal to approve Bitcoin spot ETFs.
He said that in 2013, he and his brother had first applied for a spot trust, which the Commission declined.
Referring to the Grayscale Bitcoin Trust and the FTX exchange platform as “toxic products” and “one of the biggest financial scams in modern history”, Winklevoss accuses the SEC of pushing investors to use these unlicensed platforms rather than protecting them.
He added that the SEC should focus on its mandated responsibility of protecting investors instead of acting as a gatekeeper of economic growth.
Recently, the SEC requested changes to the applications of BlackRock, Fidelity, and other companies for registration of a spot bitcoin ETF, citing their guidelines as “vague and non-exhaustive.”
