The Winklevoss twins , who run the uk - based Gemini Exchange for virtual - trading , have suggested the industry create a self - regulatory organisation called the Virtual Commodity Association ( VCA ) to monitor the market . The idea would be to collaborate with authorities like the Commodity Futures Trading forum ( CFTC ) and the Securities and Exchange Commission to promote good practice in virtual markets . VCA membership would be available for trading facilities used by US residents . Members traders have to follow strict rules about transparency and security or face ##book . CFTC commissioner Brian Quintenz has endorsed the founders ’ idea .
The Winklevoss twins, who run the US-registered Gemini Exchange for crypto-trading, have suggested the industry create a self-regulatory organisation called the Virtual Commodity Association (VCA) to monitor the market. The idea would be to collaborate with authorities like the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission to promote good practice in virtual markets. VCA membership would be available for trading facilities used by US residents. Members would have to follow strict rules about transparency and security or face sanctions. CFTC commissioner Brian Quintenz has supported the brothers’ idea.