- Crypto exchange Gemini released a controversial ad on regulation for the crypto community
- Proponents argue adoption is impossible without more regulation
In any system, regulations are always a tricky subject. However, in a new market like cryptocurrency, the debate can quickly get especially heated. Take the news about Gemini as an example. Gemini is a crypto exchange headed by the Winklevoss twins. They recently published catchy ads with a newsworthy and somewhat cryptic phrase which says “Revolution Needs Rules.”
It garnered attention and made quite a stir on Twitter. A lot of people in the crypto community think that regulations are against to the spirit of the crypto space. However, it also cannot be denied that rules are a necessity in any industry. You can either operate within the rules’ boundaries or outside of them.
The Pros and Cons of Regulating Crypto
Although many are taking sides on the talks about regulation, it helps to look at the bigger picture of its effect on the crypto space and on a global scale.
The crypto space is looking for ways to manage the changing financial landscape. The goal is to use crypto and Bitcoin to transcend the centralized control of banks and governments. People see Bitcoin as a trusted choice as it has no no central point of failure. Thus, the crypto community see plenty of backlash when someone is promoting regulations.
On the other hand, regulation can be a good thing so long as it can actually provide better innovation for the system. People think that it wouldn’t make sense to consider Gemini as a regulated cryptocurrency exchange since there really aren’t regulations to begin with.
Some see regulations as the catalyst for crypto adoption, while others like crypto influencer Mike Dudas, thinks otherwise. In a Twitter post, he said:
“This may be the single worst ad campaign I’ve seen in a decade in FinTech…
“@Gemini: The REGULATED Cryptocurrency Exchange”
For what human walking the streets of NYC is that *the* value prop you want to hang your hat on? Perhaps 1 out of 1,000 people?”
Gemini is probably targeting a wider audience in their new campaign. Considering the quintessential New York finance institutions, many think that the crypto exchange doesn’t seem to care care if the currency they are using is centralized or not. Instead, they are looking to offer solutions to different audiences including the banks, hedge funds, investors.
In conclusion, Gemini’s slogan in their recent campaign was so effective that it has attracted the attention of its target audience and even started a discussion among a lot of crypto enthusiasts. It has ignited talks about how these cryptocurrencies are going to interact with different entities.