Cameron Winklevoss, co-founder of Gemini, has criticized the Securities and Exchange Commission (SEC) for repeatedly rejecting proposals for spot Bitcoin exchange-traded funds (ETFs). He claims that this refusal has had negative consequences, as it denies investors the opportunity to access one of the best-performing assets of the last decade. Winklevoss also argues that the SEC’s decision has led to the diversion of spot Bitcoin activity to unregulated venues, posing risks for investors seeking exposure to cryptocurrency. He suggests that the SEC should reassess its approach and focus on investor protection and facilitating capital formation to achieve better outcomes for U.S. investors.
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