Major Crypto Exchanges Collaborate to Create Self-Regulatory Organization
Four major cryptocurrency exchanges are teaming up develop a self-regulatory organization (SRO) that would work cohesively to develop rules, regulations, and to set new regulatory standards for the cryptocurrency and blockchain industry.News of the potential SRO comes several months after the idea was first proposed by Cameron Winklevoss, co-founder of the Gemini exchange.The self-regulatory organization is called the Virtual Commodity Association Working Group. It will be working to draft, and lobby, sets of regulatory measures that would reduce the amount of fraud and scams within the industry.It would also help world governments to implement common sense and “do no harm” regulation to the crypto industry. If taken seriously by regulatory authorities, the group could become a powerful SRO group that could change the cryptocurrency markets for the better.Self-Regulatory Organization Long in the WorksThe four exchanges that have signed onto the Virtual Commodity Association Working Group are Gemini, Bittrex, Bitstamp,
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