Cryptocurrency exchanges band together for self-regulation, to try and head off government intervention

The Winklevoss brothers are leading a new attempt at cryptocurrency regulation…

The spectre of government legislation around the world has hung over the cryptocurrency across the past year or two in particular, as legislative bodies struggle to wrap their heads around digital currencies. Inevitably, as pretty much everybody seems to have accepted and/or become resigned to, some form of official regulation will inevitably happen, with some nations already taking first steps.

In America, though, the Winklevoss brothers, active participants in cryptocurrency, have brought together a collection of exchanges under the umbrella of the Virtual Commodity Association. And they’re not wasting much time, either. It’s now been announced that the body’s working group will hold their inaugural meeting next month.

Thus far, the members of the VCA are Bitstamp, Bittrex, Gemini (the company founded by the Winklevi) and bitFlyer USA. Don’t be surprised if more recruits sign up, especially if the American government starts making noises of regulation of its own. It’s little secret that incumbent US president, Donald Trump, is no fan of cryptocurrency.

The first meeting of the VCA will cover the guidelines for membership of the association, along with coming up with best practices across a variety of issues. The staff of the VCA is also set to be decided at the first official meeting.

The VCA has promised an update once it’s completed that inaugural session, and is actively looking for indications of interest from other organisations that are interested in getting involved.

Most are seeing the VCA as a welcome step forward. We wait and see if that proves to be true.

Image: BigStock