Some of the biggest crypto exchanges in the US, Gemini, Bitstamp, Bittrex and bitFlyer have made a public announcement of their joined venture a self regulating organization for digital commodities.
“Virtual Commodity Association Working Group” is the name of this new organization, that plans to offer help to large investors in getting themselves familiar with the crypto market, help them properly implement the industry standards and as they have put it “be a precursor to the formation of a self-regulatory organization for digital commodities like Bitcoin and Ethereum.
In September of this year there should be a meeting of this new group in which in an article they have explained the problem they want to help solving:
“In equities, securities exchanges have their own organization to come up with common standards and jointly respond to declarations by regulators. The new group could serve as the equivalent for the crypto world by coming up with best practices for the industry, looking at ways to boost liquidity, and stamping out market manipulation.”
As these four companies have put in their share into the idea of improving the overall crypto market one of the biggest US crypto exchange Coinbase is missing, refusing to take part of the group and has even declined to comment on the matter.