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Winklevoss-Backed Virtual Commodity Association Forms Working Group

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4 cryptocurrency exchanges hope to create a self-regulatory framework for digital commodity exchanges.

The Digital Commodity Affiliation (VCA) at this time announced that it has shaped a working group that may lay the groundwork for a digital foreign money change self-regulatory group (SRO). The primary assembly of the group is scheduled for September.

The formation of the VCA was first suggested again in March by Cameron and Tyler Winklevoss. Within the post that launched the thought, Cameron Winklevoss wrote:

“People and establishments have to really feel secure and safe when transacting. We imagine a considerate SRO framework that gives a digital commodity regulatory program for the digital commodity trade is the following logical step within the maturation of this market.”

In a follow-up post today, Winklevoss introduced that his personal firm, Gemini change, has joined the VCA and will likely be collaborating within the working group. The opposite organizations are bitFlyer, Bitstamp, and Bittrex.

In accordance with the announcement, the primary assembly will handle:

  1. “Pointers for membership within the VCA.”
  2. “Pointers for finest practices and rules-based marketplaces that may promote equity, transparency, threat administration, and liquidity.”
  3. “Pointers for finest practices that may handle Member conflicts of curiosity, shopper communications, shopper disclosures, and report conserving.”
  4. “Staffing the VCA, to incorporate an Government Director, amongst others, and composition of the Board of Administrators.”

Winklevoss has stated the VCA needs to be modelled on the Nationwide Futures Affiliation, the SRO that works with the Commodities Futures Buying and selling Fee to control the US derivatives trade.

Tim Prentiss is a author and editor for ETHNews. He has a grasp’s diploma in journalism from the College of Nevada, Reno. He lives in Reno together with his daughter. In his spare time he writes songs and disassembles completely good digital units.

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Written by Rebecca

Rebecca has been actively following cryptocurrency since he was introduced to Bitcoin in August of 2013. Since then, she has spent much of his time participating in the community, trading altcoins, and freelance writing within the cryptocurrency field. She is currently an undergraduate student pursuing a double major in Economics and Computer Science, which he plans to use towards a career in the blockchain industry after graduation.

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