Winklevoss’ Gemini Teams with Three U.S. Exchanges to Form Self-Regulatory Body

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A group led by crypto exchange Gemini has agreed to form their own group to help self-regulate their growing industry to oversee the U.S. crypto trading market.

The exchanges, under the umbrella of Virtual Commodity Association (VCA) first came to light several months after the idea was first proposed by Cameron Winklevoss, co-founder of the Gemini exchange.

The group will be working to draft, and lobby, sets of regulatory measures that would reduce the amount of fraud and scams within the industry.

In a personal blog post, Cameron Winklevoss explained the idea of the organization:

“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.

Besides Gemini, BitFlyer USA, Bittrex and Bitstamp have taken a decision to become a part of the newly created organization.

The initiative was positively welcomed by the community and now the four cryptocurrency exchanges, are ready to meet and start discussions of their strategy and plans for ensuring a higher level of transparency, consumer protection, and risk management in the U.S. crypto market.

As for the structure of the new association, it will have an executive director and an independent board.

But the moves to better police their own industry will also be seen by cryptocurrency watchers as an effort to stave off tougher rules from regulators.

Read More: https://news.bitzamp.com/winklevoss-gemini-teams-up-with-three-u-s-exchanges-to-form-self-regulatory-body/