CFTC members support Winklevoss brothers to establish cryptocurrency self-regulatory organization

nOutburst Comments: CFTC Commissioner Brian Quintenz said at a blockchain summit last week that the cryptocurrency industry needed self-regulatory organizations, so he was very supportive of the Winklevoss brothers’ plan to establish such an organization. According to Winklevoss brothers, the organization will provide a regulatory program for the virtual goods industry, which will help increase market integrity and promote its maturity. They are actively preparing to contact the relevant authorities to implement the plan.n
nTranslation: Inan
The plan to establish a cryptocurrency self-regulatory organization (SRO) by the Winklevoss brothers of the Gemini founder has been supported by a key government advocate.n
CFTC member Brian Quintenz has been advocating the creation of a cryptocurrency SRO, and he called for this when he spoke at the D.C. Blockchain Summit last week.n
In a statement issued on Tuesday, he praised the “deliberate approach” of the Winklevoss brothers and stated that:n
n“The virtual goods SRO is the most unconstrained member with the most diverse views and the most powerful ability to discover, expose and punish misconduct. It will ultimately maximize the integrity of these markets. I encourage Twin Trusts (or any Other market participants, advocacy organizations, platforms, or companies actively promote these advantages within any SRO framework.”n
nGemini Trust stated in its new blog that the “Virtual Commodities Association” they want to establish will serve as a non-profit independent organization managed by the board of directors. It will not provide regulatory programs for securities tokens or securities token platforms, nor will it operate as a trade organization. The Winklevoss brothers write that some parts of the organization will imitate the National Futures Association, a SRO that focuses on the derivatives industry.n
They wrote:n
n“We believe that adding an additional regulatory layer to the virtual goods spot market in a self-disciplined format is very important to protect consumers and ensure the integrity of these markets.”n
nIn addition to “other trading facilities that are Gemini’s trust counterparties,” “virtual goods platforms” and over-the-counter (OTC) trading companies can also become members of the organization.n
The Winklevoss brothers concluded: “We believe that a well-conceived SRO framework can provide a virtual goods oversight program for the virtual goods industry. This should be the next step in the maturation of this market. We look forward to the industry leaders involved in the proposal, oversight and supervision. Institutions and legislative bodies come into contact.”n

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