Cryptocurrency Needs Rules – Winklevoss Twins

Cryptocurrency pioneers and influences the Winklevoss twins have again made a call for tougher rules to govern the market.

The twins introduced stablecoin GeminiUSD and are about to open a new exchange in the US.

They have regularly called for better regulation of the sector.

“Some have wondered why @Gemini believes the Revolution Needs Rules. Answer: Crypto doesn’t need rules, but the companies built on top of it do. See excerpt from court-appointed monitor Ernst & Young report filed in Nova Scotia Supreme Court re: QuadrigaCX matter” said Cameron Winklevoss.

““Every incident in crypto to date has been/would have been preventable w/ proper rules and thoughtful regulation. Regulatory oversight = making sure people do what they say they’re going to do.”

QuadrigaCX refers to the death of a cryptocurrency exchange CEO who had allegedly failed to pass on security data allowing his business to access millions of dollars of cryptocurrency held in wallets for consumers.

Bitcoin futures slip into history

Bitcoin futures offered by Chicago’s Cboe Global Markets will be pulled as investor interest in cryptocurrency wanes.

A year ago, the futures were launched as the next red-hot market, but now the market is doomed to disappear in June as the exchange will not enter into any new contracts and existing deals run out.

“We are assessing our approach with respect to how we plan to continue to offer digital asset derivatives for trading,” said a statement.

Bitcoin futures trading is continuing in Chicago, but at another market – CME.

There, one day in February saw a record 92,000 Bitcoin change hands for $360 million.

Internet giant Alibaba wins coin feud

The ABBC Foundation has ended a bitter feud with Chinese internet giant Alibaba over the naming of a cryptocurrency coin.

ABBC has promised not to use the term ‘alibabacoin’ and has apologized for any confusion the foundation may have caused users of the internet portal.

The coin is now named the ABBC coin.

Alibaba had launched a legal challenge against trademark infringement in American courts, alleging the name confused customers, damaged the company’s reputation and helped the foundation raise $3.5 million in an initial coin offering.

ABBC denied the claims but has since stopped using the name and apologized in public.

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