CFTC Official Backs Winklevoss Brothers’ Crypto Self-Regulation Bid

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A proposed cryptocurrency self-regulatory group (SRO) put ahead by Gemini founders Cameron and Tyler Winklevoss has gained assist from a key authorities advocate on the concern.

CFTC Commissioner Brian Quintenz has constantly advocated for the creation of a crypto SRO, calling for such a transfer throughout final week’s keynote at the DC Blockchain Summit in Washington, D.C.

In a assertion launched on Tuesday, he congratulated the Winklevosses on their “thoughtful approach” to the space, occurring to say:

“Ultimately, a virtual commodity SRO that has the most independence from its membership, the most diversity of views, and the strongest ability to discover, reveal, and punish wrongdoing will add the most integrity to these markets. I encourage Gemini (or any other market participant, advocacy group, platform, or firm) to be aggressive in promoting these qualities within any SRO construct.”

As detailed in a brand new weblog submit, Gemini’s proposed “Virtual Commodity Association” would operate as a non-profit, unbiased group to be ruled by a board of administrators. It would “not provide regulatory programs for security tokens or security token platforms” or operate as a commerce group. The Winklevosses wrote that the group could be modeled partially after the National Futures Association, an SRO centered on the derivatives trade.

“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,” they wrote.

Membership shall be open to “virtual commodity platforms” and over-the-counter (OTC) buying and selling corporations, along with “other trading facilities acting as counterparties” which give an “all-to-all platform or venue, available to U.S. participants, for transacting in the spot virtual commodity markets,” amongst different forms of companies that service the house.

“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,” the Winklevosses concluded. “We look forward to engaging with industry leaders participants, regulators, and legislators on this proposal.”

Image through Techcrunch Disrupt, by Max Morse for TechCrunch

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