Four exchanges join Winklevoss' Virtual Commodity Association

20 Aug, 2018
by David Robb
News
Four exchanges join Winklevoss' Virtual Commodity Association

Four major exchanges have recently joined the Virtual Commodity Association, an initiative that aims to regulate practices in the cryptocurrency industry. The association was launched by the Winklevoss twins back in March.

This latest expansion of the Virtual Commodity Association will see Bitstamp, BitFlyer USA and Bittrex all contributing their efforts and resources going forward, as reported by Bloomberg. The first meeting between representatives of the four exchanges is scheduled for September. 

Maria Filipakis has been appointed as the group's interim executive director. She previously worked for the New York Department of Financial Services, where she assisted with the creation the NY's cryptocurrency permit, known as BitLicense.

The Virtual Commodity Association will be working with the U.S. Commodity Futures Trading Commission to prevent fraud and manipulation in markets, as well as helping to encourage transparency and developing standards across the digital assets industry. Currently, no federal authority has any direct authority over the multiple crypto exchanges that operate in the U.S.

Read more: Winklevoss on SEC rejection: 'Wall Street is taking cryptocurrencies seriously'; SEC scrutiny: regulators further examine crypto brokers

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