Winklevoss twins seek to create a self-regulatory body for cryptocurrencies

The Winklevoss twins, the founders of Gemini Exchange, announced the decision to create a self-regulatory authority for the companies operating in the crypto realm. They issued a proposal to set up the Virtual Commodity Association, the nonprofit organization that would promote transparency and develop industry standards.

The brothers have been discussing the for self-regulation of the virtual currency industry with the US regulators and legislators, according to the official statement published on Gemini Exchange website.

"The promise of virtual commodities and their impact on the future will be profound—but individuals and institutions need to feel safe and secure when transacting. 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" - Cameron and Tyler Winklevoss write in the joint announcement

Earlier we reported about the self-regulatory body in Japan, that would have 16 cryptocurrency exchanges among the members. Obviously, the industry is moving towards more regulation, whether official or not.