Cameron and Tyler Winklevoss, the cryptocurrency millionaire twins and owners of cryptocurrency exchange Gemini, launches a new self-regulatory organization to legitimize the controversial world of digital currencies. Dubbed as The Virtual Commodity Association (VCA), is planned to “promote fairness, transparency, risk management, and liquidity” in the market.
The twins proposal of a Bitcoin ETF have been rejected twice by the SEC and now they pin their hope on VCA to garner support from the industry regulators. Regulators have often shown skepticism for digital assets that are not controlled by any central authority, due to the wild price swings and cryptocurrencies alleged popularity among cybercriminals. Bitcoin prices shot up to almost $20,000 last year and lost more than two-thirds of its value since then,
The Virtual Commodity Association receives support from four of the biggest cryptocurrency exchanges. Notably, the absence of any clear regulation for cryptocurrencies initiated the foundation of the organization. Brian Quintenz, of the Commodity Futures Trading Commission, a US government agency, called the move a “positive step” for the cryptocurrency world. He added:
“could have a meaningful impact on the integrity and credibility of this young marketplace”.