The Winklevoss Twins Want to Nationalize Their Bitcoin Exchange

Internet entrepreneurs Tyler and Cameron Winklevoss have filed to register their upcoming bitcoin exchange in New York.

According to Reuters, Gemini is the name of the exchange, and they are establishing what is called a "chartered trust company." Under current New York banking laws, companies that obtain the reputation of the above-mentioned "chartered trust company" can operate currency exchanges without a special license.

In some states in the United States, such as California, these companies can further expand their business scope without a specific currency exchange license.

Houman B Shadab of Chartered Trust Company, a former professor at New York Law School, further explained: This is a company that can exercise bank-like rights. It can accept deposits, allow withdrawals, make loans, and can act as an agent of the government. Before Gemini, another Bitcoin exchange itBit also applied for a certificate of banking law charter. The certificate was successfully reclaimed in May, but it was disqualified from making loans or accepting deposits.

Therefore, the Winklevoss brothers started their adventure at the right point. If the application for the charter trust qualification is approved, they will be able to expand their service scope in the United States and increase everyone's confidence in the digital currency system.

The steps they are taking, like those taken by itBit’s administrators, appear to be the best way to expand bitcoin infrastructure nationwide and further strengthen partnerships with traditional banks.

Overall, this seems to be good news for the entire digital currency sector. Because when they store their funds in the above-mentioned Bitcoin Fund companies, their currency groups will be able to enjoy reliable and legal protection provided by the law. Since the terabyte scandal, the call for Bitcoin companies to be regulated has been getting louder and louder.