A lack of set industry standards has been one of the major reasons for the struggle of cryptocurrencies to be adapted in the mainstream. Instead of waiting on for outsiders to define the rules of the game, industry leaders are proposing a self-regulatory organization (SRO) for the virtual currency world.
Cameron and Tyler Winklevoss’ Gemini crypto exchange announced the formation of the Virtual Commodity Association (VCA) Working Group, which will also include three other leading crypto exchanges: bitFlyer USA, Bittrex and Bitstamp. The newly formed association will have an executive director and an independent board. Maria Filipakis, who has worked for the New York Department of Financial Services (DFS) as executive deputy superintendent and has experience in framing the department’s rules and regulations for digital assets, has been appointed as interim executive director. Read more…
Source :investopedia.com