Will Winklevoss Brothers Substitute SEC?

The Gemini crypto exchange, founded by Cameron and Tyler Winklevoss, established the working group named the Virtual Goods Association (VCA). The main purpose of the association is to provide the US crypto exchanges with the possibility of the independent regulation, regardless of the instructions of SEC and other authorities.

This initiative was firstly announced in March this year. In addition to the main operating direction, the association sets itself other aims and tasks, such as development of branch standards and encouragement of the crypto exchanges in order to prevent market manipulations and scams.

Except the Winklevoss Gemini, Bitstamp, bitFlyer, and Bittrex also became the members of the Virtual Goods Association. It is announced that in September the association will hold its first official meeting, which will allow the participants to discuss the regulation of their activity and the membership conditions of the association.

СЕО of Bitstamp (the crypto exchange – the participant of the association) Neits CODRICH commented:

"We believe in the value of self-regulation that we have worked for in Europe from the very beginning, and we look forward to the opportunity to follow a similar way in the United States. Those who cannot or will not observe the regulations will jeopardize consumers and their own operations".

So far, VCA is not planning to implement any innovative rules. However, in the immediate future, they can start to do the work similar to the SEC, opening up new opportunities for the cryptocurrency business in the United States.