After FINRA Approval, Gemini Now Joins the Crypto Council for Innovation

Key Insights

• The Crypto Council for Innovation announced that Gemini would be joining them this week
• The Council aims to lead global efforts to promote responsible advocacy and education about crypto
• This is Gemini’s second major membership this year after receiving FINRA membership approval

As one of the top 10 cryptocurrency exchanges globally, Gemini is a well-known name in the crypto space. However, its influence extends beyond just being a medium of exchange, evident with its growing associations.

Gemini in the CCI

The Crypto Council for Innovation (CCI) is an alliance of crypto space leaders worldwide.

These leaders work together to exhibit the true strength of crypto and how important it is in the future of finance.

For the same reason, it tasks itself with communicating with the policymakers and regulators worldwide. It further aims to eliminate the general lack of awareness and understanding of crypto.

While Gemini is its latest addition, the Council already boasts of some notable industry leaders as its members.

These include Block (formerly Square), Coinbase, Fidelity Digital Assets, Paradigm, Andreessen Horowitz, and Ribbit Capital.

Per the announcement, the Chief Executive Officer of the Council, Sheila Warren, said:

“We welcome Gemini as a trusted and knowledgeable stakeholder to help accelerate our growth and global leadership, we look forward to increasing awareness of digital assets and driving the evolution of financial systems to bring greater choice, agency, and opportunity to individuals and communities around the world.”

Since its launch in 2014 by the Winklevoss brothers Tyler and Cameron, Gemini has significantly grown as an organization.

Last month, the company received its Financial Industry Regulatory Authority (FINRA) approval.

This approval allowed the Gemini Galactic Markets to operate a broker-dealer registered with the Securities and Exchange Commission (SEC).

Regarding the CCI joining, Gemini’s Head of Policy and Regulatory Affairs Ji Kim stated:

“We are fully aligned with CCI’s mission in ensuring the continued responsible growth of crypto in a way that unlocks its potential to improve the lives of many. As a CCI member, we will continue to partner closely with policymakers and regulators around the world to help build a bridge to the future of cryptocurrency,”

SEC Inquires Gemini

While the exchange stands for one of the industry leaders, it is not surprising that the SEC found a way to hassle them.

Last month major crypto firms – Gemini, Celsius Network, Voyager Digital were all inquired concerning their lending policies.

These platforms pay higher interest rates than most banks do, which the SEC has been wary of citing investment risks.

Although the regulatory authority took no action, the incident did demonstrate how Gemini’s growth is being watched by investors and bodies alike.