Gemini sends strong signal: Crypto industry calls for regulatory transparency intensify
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Gemini sends strong signal: Crypto industry calls for regulatory transparency intensifyGem... Gemini sends strong signal: Crypto industry calls for regulatory transparency intensify
Gemini and Coinbase Lead Charge Against Former SEC Officials, Crypto Industry Fights Back
Gemini co-founder Tyler Winklevoss recently announced that the company would follow in Coinbase's footsteps by severing ties with law firms or businesses employing former Securities and Exchange Commission (SEC) officials who have been overly aggressive in their crackdown on the crypto industry. This move has sparked widespread discontent with the SEC's regulatory policies within the crypto community and ignited a wave of resistance.
Root of the IssueWinklevoss' decision was prompted by public criticism of the SEC by Coinbase CEO Brian Armstrong. Armstrong accused certain legal and industry leaders of favoring former SEC officials who had pushed for anti-crypto policies. He argued that these officials, upon leaving the SEC, had not severed ties with their former agency and continued to promote outdated regulatory views in their new roles, thereby hindering the development of the crypto industry.
Industry Consensus and CountermeasuresCoinbase and Gemini's actions have quickly garnered support and response from numerous companies within the crypto industry. Many crypto firms have indicated that they will closely monitor the development of this situation and consider taking similar measures. Industry insiders generally believe that the SEC's regulation of the crypto industry has been overly stringent in recent years, preventing many innovative projects from moving forward.
Winklevoss called for the creation of a "list of SEC officials involved in the illegal suppression of crypto" on social media and stated that Gemini would actively participate in this effort. He argued that only by publicly exposing the actions of these officials could the regulatory agency be forced to change its hostile attitude towards the crypto industry.
Profound Impact and Industry FutureThe joint resistance of Coinbase and Gemini has had a profound impact on the crypto industry. Firstly, it demonstrates that the crypto industry is no longer a pushover but has the ability to protect its own interests. Secondly, it has compelled the SEC to re-examine its regulatory policies towards the crypto industry and consider adopting more reasonable and transparent regulatory approaches.
Analysts believe that the occurrence of this event is an inevitable result of the crypto industry's development to a certain stage. As crypto technology matures and its application scenarios expand, the crypto industry's influence is growing. However, due to the uncertainty of regulatory policies, the development of the crypto industry also faces numerous challenges. The actions of Coinbase and Gemini have undoubtedly injected a shot of confidence into the development of the crypto industry and will also encourage regulators and industry enterprises to jointly explore a healthier and more sustainable development path.
Deeper Reasons Behind the Event
Controversial SEC Regulatory Policies: The SEC's regulation of crypto assets has been controversial, with many industry insiders believing that the SEC's regulatory policies are too vague and overly harsh, hindering innovation.
Revolving Door Effect: Former SEC officials often join the crypto industry or crypto-related companies after leaving the SEC. This "revolving door effect" has led to conflicts of interest between regulators and the regulated.
Strengthened Self-Protection Awareness in the Industry: As the crypto industry develops, industry participants have become increasingly aware of the need to protect their own rights, and they are no longer willing to passively accept excessive intervention by regulatory agencies.
Potential Impacts
Accelerate Crypto Industry Regulatory Reform: This event may prompt the SEC to re-examine its regulatory policies towards crypto assets and promote regulatory reform.
Strengthen Industry Self-Discipline: Crypto industry enterprises will pay more attention to industry self-discipline and establish sound industry standards.
Promote International Regulatory Cooperation: Regulatory agencies from various countries will strengthen cooperation and jointly develop unified regulatory standards for crypto assets.
ConclusionThe joint resistance of Coinbase and Gemini is a significant milestone in the development history of the crypto industry. This event not only reflects the crypto industry's protection of its own interests but also provides a new perspective for global crypto asset regulation. In the future, the development of the crypto industry will pay more attention to balancing compliance and innovation, and inject new vitality into global economic development.
Tags: cryptocurrency, SEC, Coinbase, Gemini, regulatory policy