Winklevoss Twins Propose Group For Self-Regulating Cryptocurrencies

Winklevoss Twins Propose Group For Self-Regulating Cryptocurrencies. Cryptocurrencies have become popular over the years thanks to how they are easy for people to use without any regulation involved. However, the lack of regulation has been a concern that has led to issues relating to hacks, theft and many changes to currencies that have become troubling to some.

Cameron and Tyler Winklevoss, the founders of the Gemini cryptocurrency exchange, have announced a proposal for a new form of self-regulation that may be used in the future. This new group would be entitled the Virtual Commodity Association and would focus on monitoring the overall development of cryptocurrencies on the market.

Part of the new organization would also entail working on exchanges that handle cryptocurrencies. Part of this involves looking into how exchanges work based on collecting funds and offering currencies. Promotional points and managerial efforts may also be included, but there have been no specifics as to what could be done with exchanges as a result of this move.

The Winklevoss twins stated in their announcement that the market is continuing to evolve, and with that comes a need to create a system of rules that may work in the future. This means that added regulations may be required to keep the industry in check. These would include regulations relating to how finances are managed, cybersecurity and the ability to keep records.

This all comes as the SEC is looking into possibly cracking down on the cryptocurrency market. This would include possibly getting into platforms to try and regulate how those would operate. Part of the move includes the potential for exchanges to be listed as entities that have to be appropriately regulated by the SEC for them to stay operational and active.

The Winklevoss twins have been very active in the cryptocurrency industry in recent time. They stated recently that the bitcoin has the potential to get into six-digit values and that it could disrupt the gold market among some other commodities. Their Gemini exchange has been working to get people to buy and sell the bitcoin among other currencies.

However, the exchange market may be impacted by hacks and fraudulent activities at time, thus leading to potential efforts from the SEC to try and change how the market is run.

If the Virtual Commodity Association is formed and starts operating, it would mark a sizeable change in the cryptocurrency industry. It would involve the industry moving about to where currencies can be traded but through particular rules over how exchanges can be run and how cryptocurrencies would operate. This could reduce the impact of deregulation within the market.

The Gemini exchange itself has been growing in recent time. The group has been in operation since 2015 and continues to be talked about in the field. While Gemini has been offering assorted cryptocurrencies for trade, it is planning on adding Bitcoin Cash and Litecoin in the near future. This comes more than a year after Gemini became the first exchange to officially list Ethereum as a currency available for sale on its site.

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