Unclear path in regulations a roadblock to crypto companies in US: Winklevoss twins

Cameron and Tyler Winklevoss have been influential in the crypto space over the last two decades. In a recent interview with Paul Vigna and Ben Mezrich, author of the book “Bitcoin Billionaires”, which is based on the Winklevoss twins, the iconic pair talked about their journey of understanding the virtual asset and how regulatory issues were stunting the growth of Bitcoin in the United States.

Cameron mentioned in the interview that Tyler and he bought their first Bitcoin from the Mt.Gox exchange. In order to make the purchase, the pair had to apostille documents to the exchange, wire their capital overseas, and the entire process was unregulated.

Speaking about Gemini, an exchange founded by the twins, Tyler mentioned that due to the regulatory complications and reluctance from government authorities, it took the twins around 18 months to get their trust company license in New York.  Tyler also stated that initially their company couldn’t acquire a bank account to store customer funds and that process took a year to get resolved.

Cameron said,

“It is still challenging to this day and even Goldman Sachs hasn’t got approval from the Fed to actually handle Bitcoins so they use synthetic products that give them a Bitcoin exposure but even then, they have trouble with regards to handling Bitcoin.”

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