Business Insider reporting that four U.S. based crypto exchanges are establishing a self-regulatory association for digital commodities.
Bitstamp, Bittrex, Gemini, and bitFlyer USA have announced the establishment of a self-regulatory association for digital commoditites.
The new organization, "Virtual Commodity Association Working Group," is looking to help large investors to get more comfortable with cryptocurrency markets, form industry standards, and “be a precursor to the formation of a self-regulatory organization for digital commodities like Bitcoin and Ethereum" Business Insider reports.
The first meeting is set to take place in September with Business Insider quoting the types of problems the organization aims to solve:
“In equities, securities exchanges have their own organization to come up with common standards and jointly respond to declarations by regulators. The new group could serve as the equivalent for the crypto world by coming up with best practices for the industry, looking at ways to boost liquidity, and stamping out market manipulation.”
Coinbase, the largest U.S. exchange, is not a part of the group and has refused comment.