In keeping with our mission to build the future of money and our belief in the importance of thoughtful regulation in the virtual currency industry, we have decided to join the Virtual Commodity Association (VCA) working group.
Per the initial proposal, the VCA is an industry-sponsored, self-regulatory organization (SRO) for the U.S. virtual currency industry, specifically virtual commodity exchanges and custodians.
The SRO approach has historically worked to protect and police various markets. For example, the National Futures Association (NFA) is an SRO for the U.S. derivatives industry and is a model for how the VCA will work together with the Commodity Futures Trading Commission (CFTC) to provide additional oversight to virtual commodity cash markets. The promise of virtual commodities and their impact on the future will be profound — but individuals and institutions need to feel safe and secure when transacting on marketplaces. A thoughtful SRO framework that provides a virtual commodity regulatory program for the virtual commodity industry is the next logical step in the maturation of this market.
We believe adding a layer of oversight on virtual commodity cash markets, in the form of self-regulation, is important for consumer protection and to ensure the integrity of these markets. We look forward to participating in the VCA with our peers and working with industry leaders, participants, regulators, and legislators.
For further details, please read through the VCA’s press release and visit the VCA website.
If you are interested in becoming a future member of the VCA or looking for more information, please email:
inquiries@virtualcommodities.org.
Onward and Upward,
Cameron + Tyler
