Cameron Winklevoss Says SEC’s Crypto Policies Have Been a Complete Disaster for US Investors

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Cameron Winklevoss says the US Securities and Exchange Commission (SEC) is doing crypto investors more harm than good.

The co-founder of crypto exchange Gemini told his 718,700 Twitter followers that previous SEC rejections of spot Bitcoin (BTC) exchange-traded fund (ETF) applications were not in the best interest of investors.

Winklevoss says he and his twin brother, Tyler Winklevoss, applied for a Bitcoin ETF 10 years ago, and the SEC refused to approve it.

According to Winklevoss, the rejection of SECs has only harmed investors by limiting their ability to build wealth through exposure to the number one digital asset.

Today marks 10 years since Tyler and I filed for the #1 Bitcoin ETF. The SEC’s refusal to approve these products for a decade has been a complete and utter disaster for US investors and demonstrates what a failed regulator the SEC is.

Here’s why:

protected investors from the best performing asset of the past decade. pushed investors towards toxic products like the Grayscale Bitcoin Trust (GBTC) which trades at a massive discount to NAV (net asset value) and charges astronomical fees. pushed Bitcoin activity offshore to unlicensed and unregulated venues. drove investors into the arms of FTX, subjecting them to one of the greatest financial frauds in modern history.

Winklevoss also claims the SEC exceeds its legal power in its crackdown on crypto and calls on the top security regulator to focus on its core mission.

Perhaps the SEC will reflect on its dismal record and instead of overstepping its statutory authority and trying to act as the guardian of economic life, it will focus on fulfilling its mandate to protect investors, promoting fair and orderly markets and facilitating capital formation. This would have led to much better results for US investors.

Winklevoss supports those who have recently applied for Bitcoin ETFs.

In the meantime, good luck to everyone fighting to bring US spot Bitcoin ETFs to life. Ahead!

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