CFTC member Brian Quintenz recently expressed strong support for the establishment of a self-regulatory organization (SRO) in the cryptocurrency space during a speech at the DC Blockchain Summit. He praised the Winklevoss brothers' initiative to create such an organization, emphasizing its potential to enhance market integrity and promote industry maturity. According to the twins, the proposed SRO would serve as a regulatory framework tailored for the virtual goods sector, aiming to foster transparency and accountability.
The Winklevoss brothers, founders of Gemini, are working closely with key government advocates to launch the SRO, which they believe will bring much-needed oversight to the rapidly growing crypto market. CFTC Commissioner Quintenz has long advocated for this kind of structure, calling it essential for ensuring fair practices and protecting investors.
In a statement released on Tuesday, Quintenz commended the Winklevoss brothers for their thoughtful approach, stating that SROs for virtual commodities could be the most effective way to detect, expose, and address misconduct in the market. He encouraged all stakeholders—whether they were part of the Twin Trust or other organizations—to push for the adoption of such frameworks.
Gemini’s proposed organization, the Virtual Commodities Association, is designed to be a non-profit, independent body governed by a board of directors. It will not regulate securities tokens or their platforms, nor will it function as a trading entity. Instead, it aims to mirror the National Futures Association, an existing SRO focused on derivatives markets.
The Winklevoss brothers emphasized that a self-regulatory structure is crucial for safeguarding consumers and maintaining trust in the virtual commodity market. They also mentioned that various entities, including other trading facilities, OTC firms, and virtual commodity platforms, could join the association.
In conclusion, the Winklevoss brothers believe that a well-structured SRO is a necessary step toward the maturation of the cryptocurrency industry. They are eager to collaborate with industry leaders, regulators, and legislative bodies to bring their vision to life.
36V Power Battery,Motorcycle Battery Pack,Custom Cruise Lithium Battery,Electric Motorcycle Lithium Battery
Sichuan Liwang New Energy Technology Co. , https://www.myliwang.com