Stock market founders Gemini, Tyler and Cameron Winklevoss are known for their regulatory perspectives in the cryptocurrency industry and take a hybrid approach to data protection and government regulations.
The twin brothers explained in an interview with Peter McCormack on May 22 what the introduction of cryptocurrency will bring, Cameron added:
“Independence and sovereignty over cryptocurrencies are unlike any previous technology, but gateways must have a well-designed regulatory element.”
A lack of regulation is not the answer
Tyler and Cameron Winklevoss, who were named the 15th and 16th most influential people in cryptography, came to Bitcoin after their lawsuit against Mark Zuckerberg From Facebook. The brothers founded the Gemini cryptocurrency exchange in 2015, which complies with the rules of the New York-based exchanges.
“Free for everyone doesn’t work,” Cameron said of unregulated markets. “At the same time, over-regulation of something will absolutely drown him.”he continued. “It doesn’t have to be an all-or-nothing situation.”
The crypto space can be regulated without suffocation
Based on his brother’s comments, Tyler noted that depending on your point of view, people can agree and disagree with the regulation at the same time. “They may be in favor of regulation, but they disagree with the state of regulation,” he said.
Regulation has to make sense, Tyler said. Using an example from the early music industry, Cameron pointed out the days when an entire album was bought just to hear a song or two.. Napster and other music piracy options later emerged and forever changed the paradigm in a way that was too far from regulation. Apple’s iTunes came together between these two worlds and offered to buy individual songs for $ 0.99 each.
The Gemini regulation protects users’ privacy, Cameron said. “We cannot mine your data and then sell it.”said. In the meantime, other technology giants are devouring customer data because no regulation prohibits this.
“You are the corporate voyeurs,” said Cameron.