Winklevoss twins propose self-regulatory body for cryptocurrency industry
In a recent blog post, the Winklevoss twins have proposed a new self-regulatory body for the Cryptocurrency industry.
The prominent duo of Tyler and Cameron Winklevoss (Founders of the Gemini Exchange) have proposed a framework for the self regulation of the Cryptocurrency sector called the Virtual Commodity Association (VCA).
As described in a Gemini blog post, the the main purpose of the VCA will be as follows:
Foster financially sound, responsible, and innovative virtual commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency.
Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, as appropriate.
Require member firms to commit in writing, upon joining VCA, to operating their virtual commodity markets in compliance with Sound Practices, described below; and provide a sanctions based accountability program to compel ongoing member compliance.
The twins have stated: 'We look forward to engaging with industry leaders, participants, regulators, and legislators on this proposal.'
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