Cameron Winklevoss, co-founder of Crypto Exchange Gemini, is urging lawmakers to enact crypto regulations that protect the industry from federal overreach.
In a March 4th statement on X, Winklevoss alleged that the regulatory enforcement measures were weaponized to curb crypto innovation. He argued that the agency is being used against digital assets for political purposes, seeking legal protection to prevent politically motivated enforcement actions.
Winclevos criticized Sen. Elizabeth Warren and alleged that it had an impact on the Securities and Exchange Commission by undermining the crypto sector through excessive enforcement action. He warned that Warren could extend similar influence to the future Commodity Futures Trade Commission and other financial watchdogs.
He expressed concern that institutions such as the SEC and CFTC could be used by politicians to promote anti-cryptic agendas. He highlighted the need for a “zero trust model” when dealing with regulators, similar to Warren's past actions towards banks and fintech companies.
Sen. Elizabeth Warren's previous anti-cryptic actions show a broader pattern that can extend to the horrors of other financial regulators, Winklevos, including her recent scrutiny of recent banking relationships with President Donald Trump's commerce candidate Howard Luttonick.
Concerns about regulatory impacts and enforcement bias
Winklevoss also expressed distrust of financial regulators, arguing that anti-cryptic policymakers are using their force to infiltrate regulators and promote political agenda rather than ensure fair oversight.
He specifically references SEC Chairman Gary Gensler, who previously served as CFTC chair from 2009 to 2014, suggesting that regulatory agencies may be affected by political ideology and pose risks to crypto entrepreneurs and businesses.
This perspective is consistent with broader industry sentiment regarding regulatory scrutiny. For example, the SEC's recent decision to stop litigation against Gemini and many other crypto platforms was seen as a positive development by Winklevoss, which previously criticized the regulatory measures against crypto platforms.
Furthermore, Gemini's recent achievement in ensuring the principled approval of investment company licenses in Malta signifies our commitment to complying with international regulatory standards, further highlighting the importance of clear and fair regulations.
Furthermore, Winklevoss' stance reflects broader concerns in the crypto industry regarding potential “unsweep” practices targeted at crypto-related businesses.
