Bitcoin Twins Proposed a Regulatory Option for Cryptocurrency Market
POWER LUNCH -- Pictured: Cameron (L) and Tyler Winklevoss, discuss Gemini Trust Company, their new bitcoin exchange, and their take on how Mark Zuckerberg is doing as the CEO of Facebook, in an interview on October 8, 2015 -- (Photo by: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images)

Bitcoin Twins Proposed a Regulatory Option for Cryptocurrency Market

Brothers Cameron and Tyler Winklevoss, who are crypto billionaires, have written in their blog at gemini.com that speculation on the topic of the cryptocurrency market regulation should be stopped. The market, which originated on the principles of independence and self-sufficiency, should receive mechanisms of self-regulation. The institutional basis for this should be self-regulatory body.

The absence of a unified position on the cryptocurrency market regulation leads to the fact that the inconsistent actions of various state regulators hamper further development of this market. Winklevoss twins believe that the development of the market requires acceptance the practice of responsible financial management of resources, transparency and security by its participants. The next step in the development of the market should be the emergence of a self-regulatory body that can ensure a fair and effective regulation.

To this end, the brothers initiate the creation of the Virtual Commodity Association (VCA), which should operate on a non-commercial basis. The main goal of this organization is:

  • facilitating financially reasonable and innovative virtual markets through the introduction of an industry standards system;
  • detection and deterrence of manipulative and fraudulent practices and acts;
  • development and implementation of accountability programs, as well as sanctions for violations of established rules.

Interestingly, people who have made a fortune thanks to cryptocurrency, consider it necessary to redirect its turnover to the legal channel. It would be desirable that participants of the crypto market adhered to the same position. This would ensure the rapid growth of the entire crypto industry.