Gemini, run by the Winklevoss Twins, is one of the most Wall Street-oriented markets in the crypto markets. Originally conceived as "bitcoin in a suit", it paves the way for self-regulation with a new Virtual Commodity Association, a group of self-regulation that aims to eliminate the approximations of cryptography in the future.
"We believe that a thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the logical next step in maturing this market." Looking forward to collaborating with industry leaders, participants, regulators and legislators on this proposal, "writes the paper.
The group will perform the following functions:
Foster financially sound, responsive and innovative virtual commodity markets through a system of industry-sponsored standards, best practices and monitoring that promotes price discovery, l 39; efficiency and transparency. and fraudulent acts and practices, including partnership with regulators and in particular the CFTC to share or return information, as appropriate.
Require member companies to commit in writing to join VCA to exploit their virtual product markets in accordance with good practices, as described below; and provide a sanction-based accountability program to compel members to comply with the rules.
Group members will follow "sound practices," including transparency, responsible financial management, and security / surveillance associated with more established financial systems. In short, they put the tie on "Bitcoin in a suit."
One can guess if the twins may or may not muster this group, but that could pick up speed, especially if we consider the slow and piecemeal way the SEC worked on the federal regulation of crypto .