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The founder of one of the largest crypto exchanges in the world comments on the recent White House crypto report.

In a seven-part thread, Gemini founder Cameron Winklevoss recount its 706,000 Twitter followers than the recent White House encryption report overemphasizes the risks of blockchain.

“When the White House released its EO [Executive Order] in March 2022, it was a watershed moment for the crypto industry. The EO shrewdly recognized the transformative potential of crypto and the need for the US to lead on this front.

The submitted reports, however, fail to capture the myriad benefits and opportunities that crypto can and will bring to the US economy and financial system. Instead, the reports unfortunately focus DISPROPORTIONATELY ON RISKS and fail to provide clear recommendations.

Winklevoss also says regulation by enforcement will crash the fledgling industry.

“The submitted reports also fail to fully appreciate that crypto can dramatically improve our existing financial system. Crypto has the power to transform our financial system by eliminating unnecessary intermediaries and increasing access and participation.

Regulation by app does NOT provide the crypto industry with clear rules of conduct. It is important to provide clear guidance, so companies like Gemini can continue to deliver simple, safe and reliable products to our customers in a compliant manner. »

Two weeks ago, a White House report on digital assets interrogates energy consumption of crypto.

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