Gemini’s founders, the Winklevoss twins, have criticized the U.S. Securities and Exchange Commission (SEC) for its perceived anti-cryptocurrency stance and recent enforcement actions.
In a recent interview, Winklevoss commented that the U.S. regulatory environment feels like “third world, like Venezuela” to builders of the cryptocurrency world.
Launching a compliant cryptocurrency exchange in the U.S. involves obtaining a state license and Money Transmitter License (MTL) for each state served, raising the cost of entry into the cryptocurrency business.