In a push to legitimize cryptocurrencies, bitcoin billionaire brothers, Tyler and Cameron Winklevoss, have launched a self-regulatory cryptocurrency organization.
The Winklevoss’s Virtual Commodity Association is aimed at promoting “fairness, transparency, risk management, and liquidity” in the cryptocurrency industry. The association is being led by the brothers’ own online cryptocurrency exchange, Gemini. Four of the largest crypto exchanges have already signed up to the body.
The launch was described as a “positive step” in an industry void of clear regulations. According to Brian Quintenz, of the United States’ Commodity Futures Commission, the Virtual Commodity Association could have a “meaningful impact on the integrity and credibility of this young marketplace.”
Tyler and Cameron Winklevoss are leading names in the world of cryptocurrency, known for repeated attempts to bring digital currencies to Wall Street. However, their push to legitimize cryptocurrencies and make virtual coins mainstream have been flawed by setbacks.
Last month, the US Securities and Exchange Commission rejected a second attempt by Tyler and Cameron Winklevoss to list the world’s first cryptocurrency RTF on a regulated exchange.
Driving innovation within the crypto market
Renowned for their innovation within the crypto landscape, in May 2018, the twins added the privacy coin, Zcash, to the Gemini exchange, making it the only officially licensed exchange to hold the coin.
Determined to shake off the negative connotations surrounding cryptocurrencies and skepticism by regulators that virtual currencies are associated with cybercriminals, earlier this year Gemini announced it was going to use Nasdaq technology to fight criminal virtual currency activity.
In a statement, Cameron Winklevoss wrote that “adding trade surveillance technology is the most recent development in our efforts to build a rules-based marketplace.”
The first bitcoin billionaires
The Winklevoss twins’ put $11m into bitcoin after winning a $65m payout from Facebook for claims that Zuckerberg had stolen the idea for the social media platform when the three were at Harvard University together. In 2017, the twins became the world’s first bitcoin billionaires, as their bitcoin investment ballooned by almost 10,000% in just four years.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.