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
You May Also Like
Redistribution of zones of influence on South Korean crypto exchanges
In September, the South Korean government introduced harsh measures against crypto exchanges. The “bloody massacre” led to the fact that out of several dozen sites, less than ten remained afloat. Between the survivors, something began that can be compared to the times of the 90s, through which the business of post-Soviet countries went through.
Coincheck reported growing losses in the third quarter of 2018
Japanese cryptocurrency exchange Coincheck continues to struggle for financial stability after becoming the victim of the largest hacker attack in the history of the crypto industry earlier this year. However, the company has so far reported losses totaling more than $5 million for Q3 2018.
