‘Crypto Needs Rules’ Says New Gemini Ad Campaign
The Gemini cryptocurrency change established by the Winklevoss twins in 2014 is calling for better legislation associated with crypto space in an innovative new advertising campaign, the Wall Street Journal (WSJ) reports on Jan. 4.
Placards on taxis as well as in the New York City subway contain slogans like “crypto needs rules” while at the same time suggesting that Gemini currently provides a regulating compliant exchange for investors. Other slogans feature “money has a future” and “crypto without chaos.” Chris Roan, head of marketing and advertising at Gemini, told the WSJ:
“We believe people entering cryptocurrency need the very same protections as investors much more standard markets, staying with similar standards, methods, laws and compliance protocols.”
Some inside crypto space have actually criticized the adverts, stating that the introduction of anti-money laundering (AML), Know Your Consumer (KYC) as well as other protection measures is antithetical into founding concepts of cryptocurrencies.
Guidelines like math? Yes. Crypto requires that. Rules like “KYC AML licencing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t require that. pic.twitter.com/8azzqCKlwa
— Nick Foley (@BookofNick) January 4, 2019
Blockchain education system Kryptic country said on Twitter that exchanges like Gemini are seeking legislation from “the exact same people and cartel leaders that have been screwing the average guy for many years. This indication tends to make me personally unfortunate.”
Neha Narula, manager of Digital Currency Initiative at MIT Media Lab, told the WSJ that laws are not consistently used through the entire crypto area. She said, “There is an enormous issue with marketplace stability, with customer protection, and we seriously need to ensure that laws are increasingly being enforced where they use.”
Narula included that, while regulation is normally inconsistent, overregulation could stifle innovation should compliance become too expensive for companies trying to go into the space.
In an effort to make sure that the crypto space does not suffer from an overly-strict legal framework, American legislators have actually introduced a bill inside your house of Representatives dubbed the Token Taxonomy Act. The work would exclude tokens from being considered securities, and provide an innovative new definition for crypto assets.
Published at Sat, 05 Jan 2019 02:31:00 +0000