Winklevoss Twins Looking to Launch Regulated US-Based Bitcoin Exchange
Tyler and Cameron Winklevoss, among the most prominent backers of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and its Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, plan on launching a fully regulated US-based Bitcoin exchange.
None of the dozens of bitcoin exchanges currently in existence are regulated like a NASDAQ or NYSE. And few are based in the US, where it can be tough to secure a stable banking relationship for such undertakings.
But the twins aim to reverse this trend, and are heavily investing in the infrastructure to make it a reality. Based out of their Manhattan-based Winklevoss Capital offices, the twins have hired top talent to build the exchange, called Gemini, from scratch. Tyler Winklevoss said:
"Right now we have to build the infrastructure. You have to walk before you run."
They have also reportedly secured a relationship with a New York-based bank, which will handle all fiat transfers heading in and out of the exchange. In addition, they have retained the services of a law firm with a focus on financial regulation, and firmly believe that nothing can happen until such regulation is straightened out for digital currencies. "Our philosophy is to ask for permission, not forgiveness," Cameron Winklevoss said.
The open question is now execution, particularly for regulatory approval. The twins are still reportedly planning on launching their bitcoin-based exchange traded fund (ETF), but its progress remains unclear. It has been in the approval stage for over a year. In theory, bitcoin prices in the ETF can be tracked by the new exchange, although the most recent filings with the Securities and Eexchange Commission (SEC) list only Mt. Gox, Bitstamp and BTC-e.
Tyler and Cameron Winklevoss, among the most prominent backers of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and its Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, plan on launching a fully regulated US-based Bitcoin exchange.
None of the dozens of bitcoin exchanges currently in existence are regulated like a NASDAQ or NYSE. And few are based in the US, where it can be tough to secure a stable banking relationship for such undertakings.
But the twins aim to reverse this trend, and are heavily investing in the infrastructure to make it a reality. Based out of their Manhattan-based Winklevoss Capital offices, the twins have hired top talent to build the exchange, called Gemini, from scratch. Tyler Winklevoss said:
"Right now we have to build the infrastructure. You have to walk before you run."
They have also reportedly secured a relationship with a New York-based bank, which will handle all fiat transfers heading in and out of the exchange. In addition, they have retained the services of a law firm with a focus on financial regulation, and firmly believe that nothing can happen until such regulation is straightened out for digital currencies. "Our philosophy is to ask for permission, not forgiveness," Cameron Winklevoss said.
The open question is now execution, particularly for regulatory approval. The twins are still reportedly planning on launching their bitcoin-based exchange traded fund (ETF), but its progress remains unclear. It has been in the approval stage for over a year. In theory, bitcoin prices in the ETF can be tracked by the new exchange, although the most recent filings with the Securities and Eexchange Commission (SEC) list only Mt. Gox, Bitstamp and BTC-e.