Gemini President Cameron Winklevoss has criticized the U.S. Securities and Exchange Commission’s (SEC) denial of Bitcoin exchange-traded funds (ETFs) over the past decade. He argues that the SEC’s regulatory stance has harmed U.S. investors by preventing them from accessing the best-performing asset of the last decade – Bitcoin. Winklevoss also claims that the SEC’s actions have pushed investors towards less desirable products, such as the Grayscale Bitcoin Trust, which trades at a significant discount to its Net Asset Value (NAV) and charges high fees. He further criticizes the SEC for pushing spot Bitcoin activity to offshore venues and driving investors towards fraudulent platforms like FTX. Winklevoss urges the SEC to focus on its role of protecting investors and fostering fair markets instead of acting as a gatekeeper. He believes that adhering to these principles would lead to better outcomes for U.S. investors. Meanwhile, Fidelity’s attempt to launch a Bitcoin ETF was rejected by the SEC in 2022, but BlackRock’s recent filing has renewed interest in a spot Bitcoin ETF. Fidelity argues that a spot Bitcoin ETF could protect investors from losses due to insolvencies of custodians and centralized exchanges.

AI Sentiment: Negative