US crypto platforms will discuss self-regulation issues

The task force, led by exchanger Gemini, will hold its first meeting in September. At it, its members will discuss the possibility of creating a self-regulatory organization (SRO), whose task will be to monitor the growing US cryptocurrency market.

Virtual Commodity Association (VCA) initially includes four American crypto exchanges: Gemini, Bitstamp, Bittrex, BitFlyer USA. Representatives from the four firms will meet in September to discuss the formation of the SRO, preparing guidelines for the industry, and determining the requirements that companies must meet to become members of the VCA. The executive director of the organization will also be elected at the meeting. 

“We believe in the goodness of self-regulation that we have been building in Europe since our inception, and we look forward to working together to build self-regulation in the US,” said Bitstamp CEO Nejc Kodrić. 

Maria Philipakis, interim executive director of the VCA, who previously served as deputy head of the New York Department of Financial Services, said:

“I commend the VCA and its members for their commitment to creating regulations, developing rules to protect customers, and enhancing market transparency.”

Notably, the organization’s list of members does not include Coinbase, which owns half of the U.S. cryptocurrency market, according to research firm Bernstein. Representatives from the San Francisco-based company have yet to comment on the matter.

Gemini, an exchange founded by brothers Cameron and Tyler Winklevoss, first proposed the creation of a VCA back in March, arguing that “a thoughtful regulatory framework for SRO is the next step.” a logical step in the development of the digital asset market.”

It is worth noting that the news of the formation of VCA appeared shortly after the SEC denied the Winklevoss brothers the creation of a Bitcoin exchange-traded fund (ETF). 

According to ccn.com