Winklevoss-Led Gemini Calls for Cryptocurrency Exchanges to Form Self-Regulatory Body
Since the early days of Crypto, I have appreciated the twins for their early contributions to this industry. Today they offered up probably one of the smartest ideas for the Crypto exchange business Virtual Commodity Association that will help each other during this regulatory process. Basically they mean to team up and do this together getting everyone on the same page. I'm posting quotes from the article below...Cheers!
The brothers announced their proposal for the “Virtual Commodity Association” (VCA) in a blog post, arguing that such an organization is necessary to help the market continue to grow and mature.
They wrote:
“We believe a thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market. We look forward to engaging with industry leaders, participants, regulators, and legislators on this proposal.”
The VCA would be open to all cryptoasset trading venues that serve US customers, and members would have to agree in writing to submit to certain rules governing security, fiscal management, and information sharing. Members would not be allowed to list security tokens unless they obtained securities trading licenses.
The Winklevoss twins have been among the industry’s most vociferous voices in favor of regulation. Gemini, notably, is one of a select group of companies to be granted a BitLicense under New York’s controversial cryptocurrency regulatory framework.
CCN - Source
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