In a tweet posted on his personal Twitter account, Gemini cryptocurrency exchange CEO and co-founder Cameron Winklevoss criticized the SEC and the Grayscale Bitcoin Trust (GBTC) product.
The head of this cryptocurrency exchange expressed deep disappointment over the SEC’s rejection of their Bitcoin Exchange-Traded Fund (ETF) registration application 10 years ago.
Cameron argued that the SEC’s rejection of their ETF application in 2013 deprived investors of the opportunity to participate in one of the best-performing assets of the past decade and pushed them towards potentially harmful products, while specifically highlighting Grayscale’s Bitcoin Trust (GBTC) product.
Cameron noted that the SEC’s decision had pushed investors towards the now-defunct cryptocurrency exchange FTX, emphasizing the risks that investors had to face due to the collapse of FTX.
Bitcoin futures products are receiving significant attention from Wall Street giants following investment management firms such as BlackRock, Fidelity Digital Assets, Cathie Wood’s Ark Invest, VanEck, and others filing for their ETF registrations.
Despite the SEC declaring the initial registration filings as invalid, the companies are preparing additional documentation for their second round of registration submissions.