Over the past year, Tyler and Cameron Winklevoss have experienced many unpleasant moments. The U.S. Securities and Exchange Commission (SEC) rejected their application for registration of the bitcoin-ETF. In addition, Winkelvosses experienced a decline in trading volume on their cryptoexchange Gemini and a depreciation of their cryptocurrency reserves.
In spite of these events, the founders of Gemini cryptoexchange declare that they continue to develop business. The twin brothers focus their attention on expanding their product, aimed at retail investors.
“Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail driven market. This will change over time, but it will take time," said Tyler Winklevoss.
WHY IS IT IMPORTANT?
1. Experts believe that the refusal of the SEC seriously affected the business of the twin brothers. The approval, on the other hand, would bring enormous profits to the Winklevosses and their exchange.
2. Many players in the crypto industry, familiar with the Winklevoss project, noted that this was not the best bitcoin-ETF of those that claimed official approval.