Winklevosses offer to create Virtual Commodity Association

The Winklevoss brothers offer to establish a new organization called Virtual Commodity Association, a control center which will hunt down the unfair players and thus help fair market participants to thrive.

The corresponding announcement has been made by the Winklevoss brothers and published on the website of Gemini, the cryptocurrency exchange the prices from which are used as a reference for Bitcoin futures of the Chicago Board Options Exchange. The brothers note the positive and fruitful cooperation they have with the United States Commodity Futures Trading Commission and think it would greatly contribute to the evolution of the proposed Virtual Commodity Association.

The brothers, however, noted that their project would not obstruct the work of the Securities and Exchange Commission of the United States and the issue of token securities will still be reviewed by the SEC. Headed by the board of directors, the VCA will debunk crypto fraudsters, member organizations will have to comply with the following set of rules.

The financial management of any member organization must be responsible, it must agree to keep the business transparent, avoid conflicts of interest, follow other market rules, work on cyber security, keep surveillance records, share information with other members, cooperate with regulators and provide legal analysis of new crypto assets.

Cameron Winklevoss and Tyler Winklevoss are early Bitcoin investors. After a successful court dispute with none other than Mark Zuckerberg they have invested the revenue in Bitcoin - and they would have become billionaires if they sold it in December 2017. They did not, but they remain positive about the future of Bitcoin.

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