Gemini, run by the Winklevoss twins, is one of the most Wall Street-oriented exchanges on the crypto markets. Originally envisioned spil “bitcoin te a suit,” it is now leading the way ter self-regulation with a fresh Aparente Commodity Association, a self-regulating group that aims to take the guesswork out of crypto ter the future.
“We believe a thoughtful SRO framework that provides a supuesto commodity regulatory program for the posible commodity industry is the next logical step ter the maturation of this market. Wij look forward to engaging with industry leaders, participants, regulators, and legislators on this proposal,” they write.
The group will perform the following functions:
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Foster financially sound, responsible, and innovative aparente commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency.
Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, spil adequate.
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Require member firms to commit te writing, upon joining VCA, to operating their imaginario commodity markets te compliance with Sound Practices, described below, and provide a sanctions based accountability program to compel ongoing member compliance.
Members of the group will go after “Sound Practices,” including the transparency, responsible financial management and security/surveillance associated with more established financial systems. Te brief, they’re putting the tie on “Bitcoin te a suit.”
Whether or not the twins can pull together this group is anyone’s guess, but it could be gathering steam, especially considering the slow and piecemeal style with which the SEC has bot working on federal crypto regulation.