Not everyone’s a fan, though…
Gemini, the crypto exchange founded by the Winklevoss brothers, has launched a new advertising campaign that stresses the application of consistent rules and standards on crypto, the Wall Street Journal reported yesterday.
Users on Twitter have spotted several advertisements on taxi-tops, subway billboards and bus shelters throughout New York, featuring slogans like “Crypto Without Chaos,” Crypto Needs Rules” and “The Revolution Needs Rules.” To drive the point home, Gemini intends to release a full-page ad in the New York Times on Monday, according to WSJ.
As observed by the report, this is Gemini’s first campaign targeted toward retail investors, and has been timed to “capitalize on a recently introduced mobile app,” according to Chris Roan, head of marketing at Gemini.
“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols,” Roan told WSJ. “In our competitive set there are widely varying degrees of adherence to regulatory guidance from people that oversee the more traditional financial marketers.”
Not all approve of the ads. Blockchain educator Kryptic Nation, for instance (via. Cointelgraph), claims that Gemini is “asking for more rules and regulations from the same individuals and cartel leaders who have annihilated the average man for years.”
Erik Voorhees, who founded bitcoin startup Coinapult, additionally argues that crypto “has lots of rules already,” and possesses a strong mathematical base. (source: Chepicap)
“Crypto IS rules. These rules are stronger than any political inscriptions; they are objective, open and knowable to all parties, they transcend borders, and they are enforced by mathematics. Crypto is a system of laws and not men.” he tweeted.
According to Neha Narula, director of Digital Currency Initiative at MIT Media Lab, however, the existing regulations on crypto need to be applied more consistently to maintain market integrity and ensure investors remain protected. Still, she sees a potential downside in regulating crypto too heavily, telling WSJ that she wouldn’t “want it to get to a case with crypto where innovation is stifled because it’s too expensive for them to comply with regulation.”