• Cameron recently vented his frustrations over the SEC experience on Twitter.
• GBTC’s hefty fees and it trades at a discount to its NAV were two of his biggest complaints.

The CEO of Gemini, Cameron Winklevoss, has called the Grayscale Bitcoin Trust (GBTC) a “toxic product” in a series of tweets. After the SEC rejected Gemini’s registration for a spot Bitcoin ETF a decade ago, Cameron recently vented his frustrations over the experience on Twitter.

The CEO said that American investors had been denied access to one of the best-performing assets of the last decade due to the SEC’s decision.

Cameron asserts that investors have turned to less desirable options like the Grayscale Bitcoin Trust (GBTC) as a result of the SEC’s denial of Gemini’s spot Bitcoin ETFs application. He said the GBTC’s hefty fees and the fact that it trades at a discount to its NAV were two of his biggest complaints.

SEC’s Reluctance to Approve

Cameron also noted that spot Bitcoin trading may be moving to unlicensed and unregulated venues outside the United States as a result of the SEC’s reluctance to approve its Bitcoin ETFs. Moreover, Cameron said that investors were driven onto the now-defunct FTX crypto market as a consequence of the SEC’s ruling, highlighting the dangers those investors now face.

Furthermore, Winklevoss ends by expressing his desire for the SEC to reconsider its track record and rededicate itself to protecting investors, fostering competitive markets, and facilitating the emergence of new sources of capital.

Indicating his desire for more easily accessible and regulated investment choices for US investors, he also lends his support to those who are lobbying for the introduction of spot Bitcoin ETFs. One of the major asset managers, BlackRock has helped drive the current surge in demand for Bitcoin spot registration.

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