A group of cryptocurrency exchanges have teamed up with the founders of Gemini, entrepreneurs Cameron and Tyler Winklevoss (Cameron and Tyler Winklevoss) to work on industry self-regulatory organization (SRO).
First on Association of virtual goods (VCA) from the Winklevoss brothers cryptologist heard in March. The SRO spoke with the mission to contribute to the maintenance of financial stability and innovation in the market of virtual goods. For members of the Association were going to work on creating industry standards and help cryptocurrency trading platforms to prevent various frauds and scams. August 20, VCA reached a new stage, gathering headed by Gemini exchange working group to develop these standards.
On the official website of the Association explains that it undertakes the obligation to perform the functions of supervision of those areas that are not within the legal jurisdiction of the Commission on trade commodity futures (CFTC) of the USA. We are talking about the spot market and the market of cash associated with the virtual goods. The Commission can only control the functioning of bitcoin or ether in quality of goods and track fraud or manipulation in the market.
“Purchase and sale of goods in the spot market or cash market funds historically outside the jurisdiction of the CFTC. However, these markets can benefit from the availability of additional oversight mechanisms. We are confident that the establishment of a special Supervisory organization will give customers even more protection, to ensure the proper functioning of these markets and the growth of the industry” — written on the VCA website.
In connection with the foregoing, the Association will gather the Board of Directors, who will assume the obligation to remain independent and not interested in monetary profit group and will be able to help to develop global industry standards.
Recall that last year, the brothers Winklevoss have made a lot of steps to strengthen its position in the cryptocurrency industry. For a long time entrepreneurs trying to get approval for registration of the exchange-traded Fund (ETF) from the us regulator the SEC, but to no avail. Better things to cryptocurrency exchange Gemini, over which the brothers did not stop working.
