Virtual Commodity Association Working Group
|Virtual Commodity Association|
|Key People||Yusuf Hussain, President; The Winklevoss Twins, Founders|
On August 20, 2018 the Virtual Commodity Association Working Group announced its formation by four member cryptocurrency exchanges, Bitstamp (15), bitFlyer USA (23), Bittrex (32), and Gemini Trust Company (35), and provided notice that it would hold its initial meeting in September 2018. (The number after each exchange's name indicates these exchanges' worldwide ranks by U.S. dollar value of all cryptocurrencies traded in the previous 24 hours, according to "Coinmarketcap" on August 21, 2018.)
The announcement followed the March 2018 proposal by Cameron Winkelvoss, one of the Gemini Trust Company's founding co-owners, to create a self-regulatory organization (SRO) called the Virtual Commodity Association (VCA).
The Working Group's goal is to establish a self-regulatory organization for oversight of virtual currency marketplaces. The group will be headed up on an interim basis by Maria Filipakis, who as the executive deputy superintendent of the New York Department of Financial Services was involved in the drafting and implementation of the "Bitlicense," the only licensing program for cryptocurrency exchanges in the U.S. as of August 2018. The Working Group also announced that its agenda for the September 2018 meeting would address membership, best business and regulatory practices and organization.
In July 2019, the VCA launched six committees to write white papers explaining best practices, KYC, AML (especially pertaining to the Bank Secrecy Act), custody and security, insurance standards, market integrity, and taxation for digital asset markets and blockchain-based companies. The VCA's president, Yusuf Hussain, said that these committees "directly address the concerns of regulators that are trying to figure out the crypto space,” and that the VCA is “not a replacement for but a supplement to traditional regulatory bodies.” The VCA said it would model itself after FINRA and will collaborate with experts from mainstream financial services organizations in order to design regulations and consumer protections.
- Yusuf Hussain - President
- The Winklevoss Twins - Founders
- The Biggest Digital Exchanges Are Teaming Up To Police the Crypto Space. Bloomberg.
- 24 Hour Volume Rankings (Exchange). Coinmarketcap.
- A Proposal for a Self-Regulatory Organization for the U.S. Virtual Currency Industry. Medium.
- The Virtual Commodity Association Working Group Has Formed and Is Planning Inaugural Meeting. Business Wire.
- Winklevoss-Backed Crypto Self-Regulatory Group Prepares to Woo Congress. Coindesk.