Tyler and Cameron Winklevoss, founders of Gemini, a U.S.-based cryptocurrency exchange, have expressed their frustration with the regulatory environment faced by crypto builders in the country. They criticized the recent enforcement actions of the U.S. Securities and Exchange Commission (SEC) and the difficulties of complying with existing regulations. The Winklevoss twins highlighted the need for state licenses and money transfer licenses to launch a rule-compliant cryptocurrency exchange, which significantly increases costs. They also criticized the SEC’s “regulation by enforcement” approach and the lack of clarity in classifying certain cryptocurrency assets, such as ether. As a result of these complications, the twins predict a shift in crypto activity from America to Asia, where friendlier regulations exist. Other industry figures, like Coinbase CEO Brian Armstrong and U.S. Senator Cynthia Lummis, have also expressed concerns about crypto fleeing to more hospitable markets.
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