Gemini Co-Founder Names Asia as the Driving Force of the Next Bull Run
- The co-founder of crypto exchange Gemini, Cameron Winklevoss, believes that the East will drive the next crypto market bull run.
- Winklevoss added that if the US does not implement regulations and be more accepting of crypto, it will be left behind.
- The Gemini executive believes that the US will be “missing out on the greatest period of growth since the rise of the commercial Internet.”
- The SEC has recently fined crypto exchange Kraken over $30 million for providing staking services to US customers.
The 2021 crypto market bull run made many millionaires and established these blockchain-based digital assets as one of the biggest asset classes on a global scale. Interestingly, following 2021, the crypto market has been stagnant, and not much activity has been seen since then. Interestingly, the co-founder of crypto exchange Gemini, Cameron Winklevoss, pointed out in a recent Twitter thread that the next crypto market bull run will be driven by the East.
The co-founder of Gemini stated in a Feb. 20. Twitter thread that he firmly believes that Asia and the East have a very strong future when it comes to crypto assets. The executive pointed out that each country in the region will have its own regulations regarding crypto investment but these rules will span on a global level and therefore, establish crypto as a global asset class.
“My working thesis atm is that the next bull run is going to start in the East. It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or be left behind. It can’t be stopped. That we know,” said the Gemini co-founder.
It is also crucial to note that Winklevoss made this statement at a time when the United States has started cracking down on crypto exchanges and firms for their services on the account of sale of unregistered securities. As reported earlier by Bitnation, the Securities and Exchange Commission (SEC) charged Kraken, the third-largest crypto exchange by spot trading volume, with “failing to register the offer and sale of their crypto asset staking-as-a-service program.”
Interestingly, the leading crypto exchange in the US, Coinbase, stated that its staking services cannot be considered as securities and added that the firm will fight with the regulator if needed. Coinbase stated that its staking services are not securities under the US Securities Act or under the Howey test since these services include utility tokens that are created for the functioning of blockchain platforms and not for investment purposes.
The Gemini co-founder pointed out that the US will miss out on serious opportunities if the regulators do not implement reasonable laws regarding the regulation of crypto in the region. Winklevoss believes that the US will be left in the dust by the East, which would mean “missing out on the greatest period of growth since the rise of the commercial Internet” and “on shaping and being a foundational part of the future financial infrastructure of this world.”
Additionally, Asia has already started to be more accepting of cryptocurrencies, as recently, Japan’s Financial Services Agency (FSA) revealed that it plans to lift the ban on the domestic distribution of foreign stablecoins in 2023.Furthermore, a report from KPMG confirmed that over 90% of family offices and high-net-worth individuals (HNWIs) in Hong Kong and Singapore are looking at investing in digital assets, while some have already done so.