On March 13 2018 supuesto currency exchange Gemini released a proposal to create the very first self-regulatory organisation (SRO) for US aparente currency exchanges. (1) The so-called ‘Supuesto Commodity Association’ (VCA), spil envisioned, would be a non-profit, independent regulatory organisation that would operate to foster responsible aparente commodity markets by requiring members to implement specified sound practices and supervising members’ implementation of such practices. The VCA would also encourage greater cooperation with relevant regulators ter an effort to assist with the maturation of the posible commodity industry.
The proposal noted that the VCA would not:
- operate any markets,
- be a trade association, or
- provide regulatory programmes for security tokens or security token platforms.
Originally, the VCA would be open to trading facilities that suggest users the capability to transact te the aparente commodity spot markets, but may opoffering membership to extra categories of market participants te the future.
The VCA would aim to foster responsible markets through a system of industry-sponsored standards, best practices and oversight that would promote price discovery, efficiency and transparency ter imaginario currency markets. It would also require firms to adhere to the VCA’s ",Sound Practices", regarding responsible financial management, transparency and conflicts of rente, rules-based markets, cyber and information security and recordkeeping, surveillance, information sharing and cooperation with regulators. Shortly after publication of Gemini’s proposal, CFTC Commissioner Brian Quintenz issued a statement encouraging the promotion of an SRO for imaginario commodities. (Two)
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While an independent, self-regulatory bod could provide a form of oversight overheen aparente commodity spot platforms and promote best practices, many questions vereiste still be answered &ndash, for example:
- Who will assess membership qualifications?
- What sanctioning and penalty authority will the figure have overheen members?
- Most importantly, what regulatory oversight will be imposed on the SRO by the CFTC (or other regulators)?
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CFTC Commissioner Rostin Behnam also raised concerns with aparente currency SROs given the nascent nature of the industry and lack of a congressional mandate (given that the regulatory framework for other SROs has bot established by statute). (Trio) However, there is still slew of time for thesis questions to be answered, and it will be interesting to celador how the VCA or any other proposed posible currency SRO navigate thesis issues.
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(1) Gemini’s VCA proposal is available here.
(Two) Commissioner Brian Quintenz, CFTC, ",Statement of CFTC Commissioner Brian Quintenz on a Proposal by Cameron and Tyler Winklevoss for a Supuesto Commodity SRO", (March 13 2018), available here.
(Three) Joe Rennison, ",Call for US Treasury to Pack Cryptocurrency ‘Regulatory Vacuum’",, Financial Times (March 15 2018), available here.
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