Founders of crypto exchange Gemini, Cameron and Tyler Winklevoss, have called for US cryptocurrency trading platforms to form a self-regulatory organisation in order for the market to thrive.
In a blog post, the pair wrote: “As part of Gemini’s mission to build the future of money, we believe in the importance of thoughtful regulation in the virtual currency industry.
“We believe a thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market. We look forward to engaging with industry leaders, participants, regulators, and legislators on this proposal.”
The Winklevoss’ have been long-time supporters of regulation, reports CCN, and Gemini is one of the few companies given a BitLicense under New York’s cryptocurrency regulatory framework.
Posting on the CFTC website, Commissioner Brian Quintez added: “Ultimately, a virtual commodity SRO that has the most independence from its membership, the most diversity of views, and the strongest ability to discover, reveal, and punish wrongdoing will add the most integrity to these markets.
“I encourage Gemini (or any other market participant, advocacy group, platform, or firm) to be aggressive in promoting these qualities within any SRO construct.”