Winklevoss brothers are one of the prominent players who has contributed to the crypto revolution with the stablecoin Gemini USD and upcoming exchange. The twins addressed a topic that somewhat untouched in cryptocurrency ecosystem rules. Their very recent campaign regarding “The revolution need rules.” gained mixed reaction from the people as some pushed it back while some understood the need for rules.
Winklevoss addressed the topic in his recent tweet saying “ Some have wondered why @ Gemini believes that the revolution needs rules. Answer: Crypto doesn’t need rules, but the companies build on top of it do. See excerpt from court-appointed monitor’s third report filled in Nova Scotia Supreme Court re QuadrigaCX matter”
He clarified this in a subsequent tweet with the example of QuadrigaCX. The exchange allowed the editing of its internal ledger to move customer fund into new accounts. Insider was even allowed to move these funds and trade with them. Further, Cameron tweeted “Every incident in crypto to date has been/ would have been Preventable w/ proper rules and thoughtful regulation ..Regulatory oversight = making sure people do what they say they are going to do.” There have been a large number of exchange that has used users fund for personal profit and insider trading, The recent death of CEO of QuadrigaCX exchange proved that crypto revolution needs rules to keep track on such corporation and other entities.
One of the twitter user @jStepahnop1 commented: “Insider manipulation definitely needs to be stopped on crypto exchange for sure and commend you guys for work in that department, as long as it does not filter down to inhibiting the inherent freedoms crypto provides for everyday people.” Further another twitter user @cryptomanusa added a comment reads “Why so against Craig Wright? He appears all about the rules. I have seen zero proof of scamming rather significant intelligence with possibly an annoying personality.”