CFTC member Brian Quintenz recently expressed strong support for the creation of a self-regulatory organization (SRO) in the cryptocurrency space during a speech at the "DC Blockchain Summit." He praised the initiative led by the Winklevoss brothers, who are working to establish a regulatory body aimed at enhancing market integrity and promoting the long-term growth of the digital asset industry. The Winklevoss brothers, founders of Gemini, have been actively engaging with regulators and industry stakeholders to bring their vision to life.
Quintenz emphasized that an SRO could play a critical role in fostering transparency and accountability within the virtual commodities sector. In a statement released on Tuesday, he commended the Winklevoss brothers for their thoughtful approach, calling their proposed structure one of the most robust and independent models available. He noted that such an organization would be least influenced by external pressures, allowing it to effectively detect, expose, and address misconduct in the market.
The Winklevoss brothers plan to launch the "Virtual Commodities Association" as a non-profit, independent entity governed by a board of directors. It will not regulate securities tokens or platforms that trade them, nor will it act as a trading venue. Instead, the association will draw inspiration from existing SROs like the National Futures Association, which oversees the derivatives market. Members are expected to include major exchanges, OTC trading firms, and other key players in the crypto ecosystem.
In a blog post, the brothers stated that a well-structured SRO framework is essential to safeguard consumer interests and ensure the continued maturation of the virtual goods market. They believe that this step will provide a much-needed layer of oversight and help build trust among investors and participants alike.
The Winklevoss brothers also encouraged industry leaders, regulatory bodies, and legislative institutions to collaborate on this initiative. They see the formation of the SRO as a natural next step in the evolution of the cryptocurrency market, one that can foster greater stability and confidence across the sector.
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