Cameron and Tyler Winklevoss, the founders of the Gemini trading platform, made public the proposal that a specialized organization for the self-regulation of the cryptocurrencies called the Virtual Commodity Association (the “VCA”) could be established in the US.
Brothers think that the creation of such an organization is a necessary condition for the further development of the market.
The SRO approach has historically worked to protect and police various markets. For example, the National Futures Association is an SRO (self - regulation organization) for the U.S. derivatives industry and is a model for how the VCA can work together with the CFTC to provide additional oversight to virtual commodity cash markets. 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.
All crypto trading platform, serving American traders will be able to take part in new SRO. Members of the organization will have to agree with the rules governing the principles of safety management, tax reporting and dissemination of information. SRO participants will not be able to list tokens, which can be classified as securities, if they do not have the appropriate license.