Gemini co-founders Tyler Winklevoss You can also find out more about the following: Cameron Winklevoss Former US President endorsed Donald Trump And said they intended to vote him in November as he is “pro-Bitcoin, pro-crypto and pro-business choice.”
Each of the Winklevoss Twins has also donated $1 million. Bitcoin Trump’s presidential campaign. Former President Trump has pledged recently to “end Biden’s war on crypto“, during political rallys and has no intention It is not possible to stop people using Bitcoins or other digital assets.
These high-profile investors, who are known for their early investments in Bitcoin, and their subsequent rise to influence figures in the crypto sector, have expressed their support for Trump through social media They expressed their disappointment with the President on 20 June. Joe Biden The President’s Administration hostile policies The crypto industry
A substantial amount of public support and endorsement financial Their contribution to Trump’s campaign marks a momentous occasion in the ongoing discussion over crypto regulation. The support they have shown highlights the deep divisions There is much debate in the US about digital assets and regulation.
Other industry leaders, such as Coinbase CEO Brian Armstrong have also expressed similar sentiments, and have called upon the crypto community vote out politicians who support anti-crypto policy.
Allegations of government overreach
Tyler Winklevoss has criticized, in a series tweets the Biden Administration’s deliberate anti-crypto industry campaign. Tyler Winklevoss accused the Biden Administration of using federal agencies in order to suppress innovation and harass cryptocurrency companies.
Winklevoss:
“The Biden Administration has openly declared war against crypto. This Administration’s actions have been nothing short of an unprecedented abuse of power wielded entirely for twisted political gain.”
Tyler pointed out actions taken by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, accusing both of pressuring the banks to stay away from crypto companies.
He said that these efforts were a continuation “Operation Choke Point,” Biden claims to have intensified an Obama Administration controversial initiative that was revived by Biden.
SEC role in Regulation
Winklevoss criticized also the SEC’s approach to regulation and enforcement against the industry. He said that regulators should have the primary responsibility of establishing new rules for industry. He stated:
“The SEC has not written a single rule for the crypto industry to help any of its participants understand how to navigate the regulatory landscape.”
The SEC has been able to use arbitrarily suing crypto companies and projects due to the lack of clear guidelines, according him. He called this a tactic. “make it impossible to comply, then sue everyone for not complying.”
Winklevoss criticized also the Howey Test which is used to determine whether or not a particular transaction can be classified as an investment contract. SEC has used the test to justify its position, which is that many crypto tokens qualify as securities.
Winklevoss wrote the following:
“By not writing any new rules for crypto, the SEC can disingenuously say that the existing rules — based on a 1946 Supreme Court decision about a citrus grove in Florida, issued before most homes had a telephone and 50 years before the advent of the commercial Internet — are fit for purpose. They are not.
He illustrated the impracticality of the Howey Test in the context of modern digital assets by explaining that classifying a crypto asset like Ethereum as a security would severely limit its utility.
According to Winklevoss:
“You would break securities laws by sending ether from your phone to another person’s smartphone if ether was a security. This question had been open for 48 hours. Why? Why?”
He added that such a classification would “Its ability to innovate is severely hampered by “gutting its utility”. financial systems.
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Source: cryptoslate.com