A proposed cryptocurrency self-regulatory organization (SRO) put forward by Gemini founders Cameron and Tyler Winklevoss has won support from a key government advocate on the issue.
In a statement released on Tuesday, CFTC Commissioner Brian Quintenz congratulated the Winklevosses on their “thoughtful approach” to the area, and said “A virtual commodity SRO… will add the most integrity to these markets”
According to Gemini’s latest blog post, the proposed “Virtual Commodity Association” would function as a non-profit, independent organization to be governed by a board of directors. It would “not provide regulatory programs for security tokens or security token platforms” or function as a trade organization.
The Winklevosses also said, “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.”
Write: Sara Bauer