There are adverts on taxis in New York City subway with placards that read ‘crypto needs rules.’ Other slogans read “crypto without chaos” and “money has a future.” This is all part of a cohesive Gemini ad campaign.
Speaking to the WSJ, Chris Roan the head of marketing at Gemini said the company believes investors that are coming into cryptocurrency deserve the same protections as investors in more traditional markets. Which is only possible through adhering to the same practices, standards, regulations and compliance protocols.
Even though it’s an excellent initiative, not everyone in the crypto space is happy with the ads. Some feel that asking for crypto regulation is going contrary to the founding principles of cryptocurrencies.
One such individual is Nick Foley who took to Twitter to express his discontent with the issue.
“Rules like mathematics? Sure. Crypto needs that. Rules like “KYC AML licensing taxation Patriot Act bitlicense bullshit?” No. Crypto doesn’t need that.”
Kryptic Nation, a blockchain education platform is also not happy with the ad campaign. In a tweet, they said that the idea behind the Gemini ad was seeking regulation from the same people that have been screwing the average man for years.
However, there are those that are in support of regulation within the space. Speaking to the WSJ Neha Narula who is the director of the Digital Currency Initiative at the MIT Media Lab said that “There is a huge problem with market integrity, with consumer protection, and we definitely need to make sure that regulations are being enforced where they apply.”
She added that regulation is often inconsistent. However, she warned that overregulation would stifle innovation if compliance becomes too expensive for companies trying to enter the space.
To ensure that the cryptocurrency space doesn’t suffer from an overly strict legal framework. Some legislators in America have introduced the Token Taxonomy Act in the House of Representatives. The act is seeking to exclude digital tokens from being considered as securities.