Gemini Co-Founders Cameron And Tyler Winklevoss Propose Virtual Commodity Self-Regulatory Organisation

On March 13 2018 virtual currency exchange Gemini released a proposal to create the first self- regulatory organisation (SRO) for US virtual currency exchanges.¹ The so-called 'Virtual Commodity Association' (VCA), as envisioned, would be a non-profit, independent regulatory organisation that would operate to foster responsible virtual commodity markets by requiring members to implement specified sound practices and supervising members' implementation of such practices. The VCA would also encourage greater cooperation with relevant regulators in an effort to assist with the maturation of the virtual commodity industry.

The proposal noted that the VCA would not:

• operate any markets;