Gemini’s Tyler Winklevoss asks Facebook to ‘work with regulators’ on Libra

  • 10 July 2019, Wednesday, 13:40

The famous Winklevoss twins and their imbroglio with Mark Zuckerberg’s Facebook needs no introduction. Interestingly, the business honchos’ tryst with Gemini started after winning a $65 million settlement from a lawsuit against the social media giant in 2011. Tyler and Cameron Winklevoss used a portion of the settlement to buy $11 million worth of Bitcoin in 2013 and according to reports, they now hold 1% of all outstanding Bitcoin.

Despite Facebook’s [and several other industry giants] bold crypto-project dubbed “Libra” being met with criticism by the community and lawmakers, the Winklevoss brothers are however, positive about it.

As the Zuckerberg-led team waited for the Senate hearing on July 16, Tyler Winklevoss, in a recent CNBC interview, asked Facebook to cooperate with the regulatory agencies. “Work with regulators,” he said.

“Talk with them. You know, we definitely went through the front door, and we tried to educate the regulators and shape the regulation in a thoughtful manner because if you get the regulation wrong it can stifle innovation, but the right regulation allows for innovation to flourish, and we think we have achieved that right balance with New York.”

Calibra’s head, David Marcus, had previously revealed in a letter that the project “wanted and needed” governments, central banks, regulators, non-profits, and other stakeholders at the table.

Tyler Winklevoss also said that a company of the tech giant’s “stature” would “make people feel a lot more comfortable” of the cryptocurrency space and predicted the entry of FANG company [Facebook, Amazon, Netflix, and Google] with “some sort of cryptocurrency project” in the next two years.

There was no official statement regarding Gemini listing Libra yet, despite reports surfacing about a potential talk between the Winklevoss brothers and Facebook, prior to the announcement last month.