July 3 (Cointime) - Gemini co-founder Cameron Winklevoss has criticized the US Securities and Exchange Commission (SEC) for its refusal to approve spot Bitcoin exchange-traded funds (ETFs) for the past decade. Winklevoss argues that this has forced US investors into "toxic" and "unregulated" crypto products, such as the Grayscale Bitcoin Trust (GBTC), which trades at a significant discount to the price of Bitcoin and charges high fees.

He also believes that the SEC's refusal has led to US investors moving to "unlicensed and unregulated" offshore platforms. Despite this, a number of companies have recently filed, renewed, or amended their filings for a spot Bitcoin ETF, including BlackRock, Fidelity, WisdomTree, Invesco, Valkryie, and ARK Invest.