Gemini, run by the Winklevoss twins, announced self regulating group


Winklevoss twins, Founders of Gemini
Winklevoss twins, Founders of Gemini

One of the most Wall Street-oriented exchanges on the crypto markets, Gemini, announced self-regulating group which aims to take some guesswork about the credibility of crypto projects out in the future. There has been a cry for regulation for quite some time. Institutional investors are demanding it because they want to implement cryptocurrency into their portfolios its right now too risky since it’s not clear which path the regulators will take. Smaller backers of the crypto projects are also demanding it to help with the searching for the right information. This is actually not that easy with all the misinformation flying around. One must carefully choose his sources of news since based on gathered information we form the decisions.

 


Gemini and the VCA

Gemini released an important announcement about a potential solution to increase credibility in cryptomarket. Introducing the Virtual Commodity Association. An industry-sponsored self-regulatory vehicle, which would be driven independently and only for U.S. virtual currency industry. Specifically virtual commodity exchanges and custodians.

We believe adding an additional layer of oversight on virtual commodity cash markets, in the form of self-regulation, is important for consumer protection and to ensure the integrity of these markets.

Gemini already posted some guidelines for the newly formed VCA. The association:

  • will be a non-profit, independent regulatory organization that does not operate any markets
  • will not be a trade association
  • will not provide regulatory programs for security tokens or security token platforms
  • will be in compliance with global standards and best practices for SROs (Self-Regulatory Organization)

It’s purpose being to foster financially sound, responsible, and innovative virtual commodity markets through a system of industry-sponsored standards, incentivize the detection and deterrence of manipulative and fraudulent acts and practices, requiring member firms to commit in writing upon joining VCA, to operating their virtual commodity markets.


This move sparkled mixed emotions in the blockchain community. Many fear that this is just a cloak to calm new and inexperienced members, but will not serve its official purpose. Also because one of the ideas of the blockchain is to be without any intramediearis: ”Chaos is just” kind of thing. On the other hand, this will definitely help to make the first step and make them reevaluate their stance towards blockchain technology. Personally, I think it’s better to make a step, even if a wrong one, than to not make it at all. Once you gather momentum, you can steer it in the preferable direction.

 



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