An ad campaign for Gemini, the cryptocurrency exchange platform that was founded by Cameron and Tyler Winklevoss back in 2014, claims the crypto sector needs to adopt a set of standard best practices and regulations as a means of ensuring the protection of investors and their funds. Not incidentally, the ad also suggests that the necessary protection is already being provided on the platform.
A Full-Scale Ad Campaign
Currently, taxi tops, bus stops, and other ad placement points are displaying Gemini-approved messages such as “Crypto Needs Rules,” “Crypto Without Chaos,” and “Money Has a Future,” with the exchange saying it has plans to release a full-page ad in the Monday edition of the New York Times, according to a Wall Street Journal report.
Chris Roan, Head of Marketing at Gemini, told the Journal:
“We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.”
A First for Gemini
The ad campaign, which was developed by ad agency Interesting Development, is Gemini’s first significant effort to attract retail investors, whose focus since it launched back in 2014, had been focused on attracting institutional investors. However, the launch of Gemini USD, the exchange’s Stablecoin project, has driven retail interest in the exchange, which could explain the massive push the mobile app is getting.
According to Roan, the ad was timed to help the exchange take full advantage of their recently released mobile app. However, its timing could be seen as opportunistic, as the crypto market is just recovering from last year’s downturn that saw billions shed of the market. Various allegations of scams, fraud cases, and criminal manipulations have been recorded, and it is the consensus that the crypto space could do with some standard regulation.
There’s still much uncertainty where crypto regulation is concerned. While some countries see cryptocurrencies as innovative and seem to be more welcoming, there are others that believe them to be subversive, and as such are more reluctant to accept it into their mainstream financial framework.
The Token Taxonomy Act
However, it would seem that this regulation is on the way, as two members of the United States House of Representatives passed a bipartisan bill last month that sought to exempt cryptocurrencies and other digital assets from laws governing securities.
The Token Taxonomy Act, which was introduced by Reps. Darren Soto (D-Fla) and Warren Davidson (R-Ohio), seeks to bring an amendment to the Securities Exchange Act of 1934 and the Securities Act of 1933, by providing an exemption of “digital tokens” from the “securities” category,
The bills define digital tokens as “digital units created… in response to the verification or collection of proposed transactions” (mining, basically) or “as an initial allocation of digital units that will otherwise be created” (as in a pre-mine). These tokens must be governed by “rules for the digital unit’s creation and supply that cannot be altered by a single person or group of persons under common control.”
According to the lawmakers, the bill is a step in what is hoped to be further regulatory measures on the crypto industry.
“While this legislation is a great first step, we are looking for feedback. The Federal Trade Commission (FTC) has a history of policing web services, while the Commodities Futures Trading Commission (CFTC) has authority over commodity derivatives,” Rep. Soto noted in the document.
In a statement, Warren said, “In the early days of the internet, Congress passed legislation that provided certainty and resisted the temptation to over-regulate the market. Our intent is to achieve a similar win for America’s economy and American leadership in this innovative space.”