Cameron Winklevoss explains why the cryptocurrency revolution badly needs rules

The Winklevoss twins are among the personalities who have contributed to the crypto revolution with the Gemini USD stablecoin and the upcoming exchange, Gemini. The twins have tackled a topic that is a bit of a pariah in the cryptocurrency ecosystem, the rules.

The twins recently launched a campaign on "The Revolution Needs Rules," which elicited mixed feelings from the community: some people pushed it back while others understood the need for rules. In a recent tweet, Cameron Winklevoss addressed the same topic. He stated:

"Some wondered why @Gemini thought the revolution needed rules. Answer: Crypto does not need rules, but the companies that rely on them need them. See the excerpt from the third report of the Court-appointed Monitor (Ernst & Young) before the Supreme Court of Nova Scotia in the QuadrigaCX case "

He clarified this in a future tweet with the example of QuadrigaCX. The exchange enabled the publication of its internal ledger to transfer funds from customers to new accounts. Insiders have even been allowed to move these funds and trade with them.

Cameron tweeted:

"To date, every crypto incident has been / would have been avoidable with proper rules and thoughtful regulation … Regulatory oversight = to ensure that people are doing what they claim they're going to do . "

A large number of stock exchanges have used user funds for personal profit and insider trading purposes. The recent death of the CEO of QuadrigaCX Exchange has proven that the crypto revolution needs rules to keep these companies and entities on the right track.

@ jStepahnop1, a Twitter user, commented:

"It is certain that the handling of insiders absolutely must be stopped on cryptographic exchanges and congratulate you for your work in this department, as long as it does not filter to inhibit the inherent freedoms that crypto provides to people ordinary "

@cryptomanusa, another Twitter user, added:

"Why then against Craig Wright? It seems all about the rules. I saw no evidence of a pretty significant intelligence scam with possibly an annoying personality. "