Charles ()īased on the legal information Dr Wright has shared, we can predict that the pain for exchanges and other businesses which trade in and promote these so-called assets will only intensify. Legal Aspects of Bitcoin – Theory of Bitcoin – Dr. Video can’t be loaded because JavaScript is disabled: 4. Charles, explaining why Bitcoin as it was originally designed is legal, and most other digital currencies fall afoul of securities laws.
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He has covered the legal aspects of the digital currency space at length in his Theory of Bitcoin series with Ryan X. These moves against Gemini and other exchanges were predicted years ago by Dr. However, they are loudly calling for a BTC price of $500k by 2030, so it is known which vision of Bitcoin they are backing. It is unknown whether they still hold their BTC, BCH, or BSV tokens. They also started the Gemini exchange and even launched their own stablecoin, the Gemini dollar.ĭespite recognizing early that Bitcoin was electronic cash and would disrupt industries worldwide, as told in Mezrich’s book, the twins decided to back the BTC system and go along with the digital gold/store of value narrative. The twins became billionaires from their speculation on BTC, a tale told by Ben Mezrich in his book “Bitcoin Billionaires”.
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They won a settlement worth $65 million plus Facebook shares and became large BTC holders after learning about it on vacation in Ibiza in 2012. The Winklevoss twins are known in popular culture as the brothers that sued Facebook founder Mark Zuckerberg for allegedly stealing their idea for the social networking site. The pair has loudly promoted BTC as Bitcoin and has willingly promoted second-rate blockchains and tokens like Ethereum as alternatives to the original Bitcoin protocol. Yet, even Gemini can’t escape the closing net as regulators and financial institutions come to grips with the 1.6 trillion-dollar digital currency space which SEC chair Gary Gensler recently described as the “Wild West.” Banks and regulators looking closer at Gemini have concluded that it is not safe for their users, blemishing its image as a legal, regulated crypto-asset company.ĭespite efforts to craft a squeaky clean image, the Winklevoss twins have persisted in going along with passing off BTC as Bitcoin.
The Winklevoss twins have always portrayed an image of playing by the rules, and they’ve made some effort to KYC check customers and avoid the murkiest aspects of the digital currency industry.
Gemini can’t escape the regulatory net closing banks blocking digital currency exchanges in the past several months. Recently, Gemini, an exchange run by Tyler and Cameron Winklevoss, felt the pinch as Monzo, one of the U.K.’s leading challenger banks, banned payments to it at the beginning of August. states cracking down on BlockFi, to the EU passing laws to ban anonymous transfers of digital currency-assets, the blows just keep on coming for an industry that has thus far taken pride in flouting the law. Over the course of the past few months, CoinGeek has been busy reporting on stories related to regulatory crackdowns on the digital currency industry all over the world.įrom digital currency exchanges like Binance getting blocked by major banks to U.S.
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