The major cryptocurrency exchange Gemini, which is owned by the Winklevoss brothers, has announced the date for the first meeting in September 2018 – where four exchanges will meet in order to start discussing the possibilities of forming a self-regulatory organization (SRO) which will oversee the US crypto trading market.
Bittrex, Gemini, Bitstamp and bitFlyer USA will all be part of the meetings. Representatives from these companies will get together in September and discuss the potential SRO – which Gemini recently named the Virtual Commodity Association (VCA).
As the Head of Risk at Gemini, Yusuf Hassain stated:
“This is the first of many steps in policing the digital asset markets and answering the call of regulators.”
The CEO of Bitstamp, Nejc Kodric, also shared his positive thoughts about the partnership, stating:
“We believe in the value of self-regulation, which we pursued in Europe almost from our inception, and look forward to following a similar path in the U.S. Those that can’t or won’t comply with regulations put consumers – and their own operations – at risk.”
What’s most interesting is the fact that Gemini originally proposed the VCA in March 2018, arguing that a framework like this will provide a “virtual commodity regulatory program for the virtual commodity industry – which is why it is the next logical step in the maturation of the market.”
The formation directly follows the SEC’s recent announcement to deny the second attempt the Winklevoss brothers tried to create a Bitcoin ETF.
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