The famous twin brothers Tyler and Cameron Winklevoss, who in December of 2017 were the first in the world confirmed cryptocurrency billionaires (according to the value of their cryptocurrency assets at the time) intend to create a self-regulatory organization Virtual Commodity Association to monitor cryptocurrency exchanges and platforms in the United States.
The organization will monitor the cryptocurrency business, as well as the development of industry standards and increase transparency in dealing with regulators, including the Commission on commodity futures trading (CFTC), will and fraud prevention.
«Such an organization with a sound structure of self-regulation provide a program of regulation for the entire industry, virtual goods and will be the next step in the maturation and development of the nascent market» – say the Winklevosses.
Financial regulators, including the CFTC and the SEC, rely on the self-regulatory organization (SRO). The most striking example is the regulatory authority financial industry (FINRA), which was created in 1939 by Congress and is the lead regulator for brokers with wall street.
To date, none of the regulators, the US has no powers of direct control over the cryptocurrency exchanges. Legal regulation of this area is based on existing laws, not having special articles for cryptocurrency.
In a recent statement
CFTC Commissioner Brian Quintenz (Brian Quintenz) called cryptocurrency exchanges to fill this gap and create a private regulator or CPO. Among other things he noted that the plan of the brothers Winklevoss meets all defined criteria.
Organization Virtual Commodity Association will be established on funds of the participants and is open to trading platforms serving us investors. All members of this organization will be required to comply with certain rules in the field of cybersecurity and information dissemination, for violations which will be subject to sanctions.