Nick Foley, a Bitcoin enthusiast, believes that regulation regarding crypto is necessary. He mentions later in his tweet that as the regulation of the ad seems to be, they aren’t something to be celebrated. The ad encourages, perpetuates the current corrupt system and makes the regulators get a false sense of importance.
In a statement told Wall Street Journal by Chris Roan, the head of marketing at Gemini he says they believe investors in the crypto markets should have the same protection as the traditional investors adhering to the same practices, standards, regulations, and compliance protocols.
He also added that there are widely varying degrees of adherence to regulatory guidance from people who overlook traditional financial marketers. Some players are a key tenet of many cryptocurrency advocates, devoting to decentralizing authority over money, while Gemini believes that a bridge is needed between the old system and a new one.
Gemini’s First Real Effort in Advertising
Since 2014, they have mainly focused on large institutional money, and this ad seems to mark their first real efforts at gaining retail investors. Its seen that the retail investors are taking quite an interest in the exchange Gemini USD. And to create and run the campaign, they actually hired a firm called Interesting Development.
BitLicense regulates the New York-based company, Gemini Exchange. In recent times, the New York Department of Financial Services has had complaints about the speed with which processing applications led to the agency picking up the pace.
Regulations are still very nascent in America and elsewhere for cryptocurrencies. States like Ohio have passed very welcoming regulations and seek to become a hub of cryptocurrency innovation and businesses. The BitLicense-style regulations seem to be adorned by states like California. Some representatives seek to remove SEC authority at the federal level over cryptocurrency altogether.
Their business of standing with governments the world over are still very insecure and unsure. Some jurisdictions see it as a need, while others see it as a subversive technology. For, even taxation can be a complicated issue.