The Association of Virtual Commodity Association Working Group Will Appear in the USA
Several leading crypto exchanges decided to join forces and create a self-regulating organization for digital currencies. This organization was named the Virtual Commodity Association Working Group, which is the result of the cooperation of Gemini, Bitstamp, BitFlyer USA and Bittrex. One of the largest and significant crypto exchanges Coinbase didn't join the list of participants, and its representatives refuse to comment on this initiative.
The organizers of the Association are well-known brothers Winklewoss, the founders of one of the exchange-participants Gemini. In the role of chief executive, Maria Filipakis, who previously worked for the New York City Department of Financial Services, was selected. A number of her duties at the previous place of work included the creation of a BitLicense, which is granted to crypto companies that wanted to provide their services in the territory of New York State. But her appointment is temporary.
The first global meeting of all representatives of the crypto exchanges included in the Association will take place in September this year. It will consider and approve the basic nuances of the organization's future functioning. The goal of the Association of Virtual Exchange Goods will be to help large investors and provide them with more comfortable working conditions in the cryptocurrency market. Standards will also be developed for the crypto industry, which are designed to improve the transparency of cryptocurrency transactions. The association plans to cooperate with regulators, which is connected with the desire to prevent manipulation of the digital coins rate. One of the contenders for cooperation was the Commission on Trade in Commodity Futures USA (CFTC).
Recall that recently the brothers Winklewoss received a second refusal from the US Securities and Exchange Commission on their bid for the creation of bitcoin-ETF. One of the reasons for the refusal was the lack of sufficient and effective measures to prevent the above-mentioned manipulations with the course of digital assets.