- Tyler and Cameron Winklevoss recently spoke about the current state of the crypto industry.
- They believe that the industry is in need of regulations in order to progress further and become safer.
- They also think that Wall Street could do a lot to strengthen it and push adoption.
The crypto community has been discussing the possibility of going mainstream ever since the early days of Bitcoin (BTC). It is, quite possibly, the digital currency industry’s oldest dream.
However, a lot needed to be done before the industry became ready for mass adoption. Indeed, many would argue that it is still not ready, even those among crypto supporters.
The crypto industry needs regulations
The biggest issues back in the day revolved around ease of use, but that is not too big of an issue today. Today, it is all about the safety of the user, and that is where the industry is a bit stuck.
Of course, there are nuances and details here, as well. The technology itself is not unsafe. However, the industry itself requires rules and regulations that would take care of the end-user,
The problem is that such regulations are simply not there. Any previous attempt to regulate crypto was seen more as an attempt to limit it. Nobody missed that the authorities were rather quick to tax the industry, but they did not do such a good job when it comes to making it safe.
In fact, many would say that the ‘efforts’ put into regulating the crypto world so far have only killed the ecosystem, and discouraged new adopters from joining it.
Recently, Cameron and Tyler Winklevoss, the twins of Wall Street and co-founders of a crypto exchange, Gemini, spoke about the matter of regulations in a recent podcast. They stressed that cryptocurrency does need some sort of regulation if it means to go mainstream. However, they also stressed that it needs to be thoughtful regulation, which would allow the market to thrive and foster a positive outcome.
Wall Street and crypto
Another question that emerged is whether crypto exchanges are playing a role in promoting crypto, and how user-friendly are they.
However, the most intriguing subject is the potential help that Wall Street could provide. Wall Street never had much love for the crypto industry, but it appears to be willing to give it a chance, as the current situation continues to threaten everything it knows.
Many might remember that Paul Tudor Jones recently admitted to investing in Bitcoin. Meanwhile, JPMorgan started providing services to crypto exchanges. This interest could bring new users to the crypto industry, and while these first steps are small, they could have a big impact.
“I think most people in Wall Street are actually concerned about what’s happening with the excessive printing of the US dollar; we are really on the same page if you think about it. But none of us know how to solve it. So if Wall Street comes along and brings in more people, it is only going to make things better,” the Winklevoss twins said.