CFTC member Brian Quintenz said at the blockchain summit last week that the cryptocurrency industry needed a self-regulatory organization, so he was very supportive of the Winklevoss brothers' plan to form such an organization. According to the Winklevoss brothers, the organization will provide a regulatory plan for the virtual goods industry, which will help increase market integrity and promote its maturity. They are actively preparing to engage with relevant authorities to implement the plan.
The Winklevoss brothers, the founder of Gemini, plans to set up a cryptocurrency self-regulatory organization (SRO) with the support of a key government advocate.
CFTC commissioner Brian Quintenz has been advocating the creation of the cryptocurrency SRO, which he called when he spoke at the "DC Blockchain Summit" last week.
In a statement issued on Tuesday, he praised the "deliberate practice" of the Winklevoss brothers and said:
“Virtual goods SROs are the least subject to membership, have the most diverse views and the most powerful ability to discover, expose and punish misconduct. It will ultimately maximize the integrity of these markets. I encourage the Twin Trust (or any Other market participants, advocacy organizations, platforms or companies actively promote these advantages within any SRO framework."
The Gemini Trust said in a new blog that the “Virtual Commodities Association†they wanted to set up would serve as a non-profit independent organization managed by the board of directors. It does not provide a regulatory plan for securities tokens or securities token platforms, nor does it operate as a trading organization. The Winklevoss brothers wrote that some parts of the organization would mimic NaTIonal Futures AssociaTIon, an SRO focused on the derivatives industry.
They wrote:
“We believe that adding an additional regulatory layer to the virtual commodity spot market in a self-regulatory manner is important to protect consumers and ensure the integrity of these markets.â€
In addition to "other trading facilities as a twin trust counterparty", "virtual commodity platforms" and over-the-counter (OTC) trading companies can also become members of the organization.
The Winklevoss brothers concluded: “We believe that a well-thought-out SRO framework can provide a virtual commodity surveillance program for the virtual goods industry, which should be the next step in the maturity of this market. We look forward to the industry leaders and regulators associated with the proposal. Institutions and legislative bodies make contact."
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