Internet entrepreneur twins Cameron and Tyler Winklevoss have mooted the idea of launching a self-regulatory organization or SRO, for the U.S. virtual currency industry, which they said is the "next logical step in the maturation of this market."
In a blog post, the Winklevoss twins, founders of cryptocurrency exchange Gemini, have proposed a framework for a self-regulatory body for the industry in the U.S. to be called the Virtual Commodity Association (VCA).
Cameron said Gemini has worked along with several of the regulatory bodies to register and obtain licenses at every stage of their growth since 2014, in an effort to foster a rules-based marketplace.
The VCA is proposed to be an industry sponsored, non-profit, independent regulatory organization for the U.S. virtual currency industry, specifically virtual commodity exchanges and custodians. It will not operate any markets and will not be a trade association.
It is proposed to be governed by a board of directors, to be decided on formation and funded by member fees. Members shall certify to VCA, annually, that they are in compliance with "Sound Practices."
"The promise of virtual commodities and their impact on the future will be profound — but individuals and institutions need to feel safe and secure when transacting. 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," Cameron wrote.
The Securities and Exchange Commission (SEC) has recently asked exchanges trading digital currencies to register with the agency.
The regulator also said that an entity seeking to operate as an alternative trading system or ATS is also subject to regulatory requirements, including registering with the SEC as a broker-dealer and becoming a member of a self-regulatory organization or SRO.
Recently, Japan's two cryptocurrency industry bodies - the Japan Blockchain Association, and the Japan Cryptocurrency Business Association - are apparently in agreement with the FSA that only registered exchanges can survive. The two bodies are now set to merge and form an SRO that will be launched in April.
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