In a recent blog post, the Winklevoss twins have proposed a new self-regulatory body for the Cryptocurrency industry.

---

The prominent duo of Tyler and Cameron Winklevoss (Founders of the Gemini Exchange) have proposed a framework for the self regulation of the Cryptocurrency sector called the Virtual Commodity Association (VCA).

As described in a Gemini blog post, the the main purpose of the VCA will be as follows:

• Foster financially sound, responsible, and innovative virtual commodity markets through a system of industry sponsored standards, sound practices, and oversight that promotes price discovery, efficiency, and transparency.

• Incentivize the detection and deterrence of manipulative and fraudulent acts and practices, including partnering with regulators and particularly the CFTC to share or refer information, as appropriate.

• Require member firms to commit in writing, upon joining VCA, to operating their virtual commodity markets in compliance with Sound Practices, described below; and provide a sanctions based accountability program to compel ongoing member compliance.

The twins have stated: 'We look forward to engaging with industry leaders, participants, regulators, and legislators on this proposal.'