During remarks at the South by Southwest event in Austin, TX this week, Cameron and Tyler Winklevoss told attendees that the crypto industry needs to build trust if it wants to play a role in the future of money, the Statesman reported on Friday. The Gemini cryptocurrency exchange founders repeated their calls for regulatory oversight of the industry.
The twins recently launched a new advertising campaign based on the message “crypto needs rules” – and continued to emphasize that theme in their remarks on Friday. According to Cameron Winklevoss:
“There are a lot of carcasses on the road of crypto that we’ve seen and learned from. At the end of the day it’s really a trust problem. You need some kind of regulation to promote positive outcomes.”
The brothers cited the recent example of QuadrigaCX, where investors are still waiting to find out what happened to their cryptocurrency months after the company’s founder and CEO passed away. CEO Gerald Cotton was reportedly the only person at the company with access to the keys to 115,000 user accounts.
The Quadriga fiasco and similar crypto company problems all shared one thing in common, according to the twins: the problems all stemmed from failures on the part of private companies and were not indicative of any fundamental technical problem related to crypto technology. They suggested that better oversight could help mitigate such problems in the future, and even spark a recovery in crypto prices.
Cameron noted that the duo’s mission is to help serve the more than 1 billion unbanked people around the world, and argued that cryptocurrency has a vital role to play in reaching them:
“With a crypto address and a smartphone, all of a sudden you are in the system. We are really just trying to extend the financial system, so you can send dollars anywhere in the world.”