First Coinbase and now Gemini is planning on moving abroad as the United States Federal Government struggles to provide a clear path to legalization for crypto firms such as Gemini and Coinbase.
In a move that is being lauded as the beginning of the end for crypto in the United States, Gemini founders the Winklevoss Twins are bracing for a much-needed break from America and the SEC.
Gemini Trust Co., owned by billionaire twins Tyler and Cameron Winklevoss, plans to target growth in Asia and establish a non-US crypto derivatives platform (yes, you read that correctly).
The move comes as the Securities and Exchange Commission (SEC) has taken enforcement actions against the US digital-asset sector, and American politicians are struggling to develop crypto legislation.
Will the US Change Gears?
In contrast, the European Union is progressing with an effort to create rules for the industry, and places like Hong Kong and Dubai are seeking to foster crypto hubs.
Meanwhile, Coinbase Global Inc. has obtained a virtual-asset license in Bermuda and is reportedly considering moving its headquarters outside the US amid the clampdown on the industry.
What about all of the meme coins that are hosted on the Gemini network?
Let’s Talk About Dogecoin
Dogecoin is a cryptocurrency that was created as a playful parody of Bitcoin, featuring a Shiba Inu dog as its mascot. Despite its humorous origins, Dogecoin has gained a significant following among crypto enthusiasts and has even been embraced by some mainstream companies as a payment option. It has experienced significant price fluctuations, with its value skyrocketing during the meme coin season of 2021.
At the time of writing, Dogecoin was holding the 8th position in the crypto market with a market capitalization of over 10 billion dollars.
The success of Dogecoin has sparked a meme coin season, leading to the emergence of other meme coins such as Shiba Inu, Floki Inu, and Big Eyes Coin.
Will Big Eyes Be a Big Hit for Gemini?
And that brings us to Big Eyes, the next largest meme coin on the Gemini network.
Big Eyes Coin is a relatively new meme coin that has gained significant attention among crypto communities due to its unique offering of meme coin utility. This platform has quickly become appealing to a wide range of investors due to its lucrative nature and high investment potential.
One factor that sets Big Eyes Coin apart is its ongoing presale, which has already raised over $34 million in funding.
This impressive figure can be attributed to the platform’s rewards systems, which incentivize investors to continue investing.
Big Eyes Coin offers loot boxes that provide rewards of up to a million dollars, as well as NFTs that can be collected, minted, and traded, providing a long-term investment option for users.
Is This Move by Gemini a Defining Moment?
The move could potentially lead to a less restrictive regulatory environment for crypto firms, which could create more opportunities for growth and expansion.
Or maybe, just maybe, this move outside of the SEC’s purview can be just the right amount of time away from regulation that crypto needs because, the way things are now, nothing is being accomplished.
America, we love you, but the SEC has to take a breather.
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