Not many people in the crypto world will deny that there are issues in the crypto world that need to be addressed. Some of those issues involve fraud, while others involve hacking. In both cases, these issues undermine the crypto market, because they create mistrust and uncertainty, something that is a poison pill to any healthy marketplace.
This reality has been exploited and exaggerated by agents of the coercive enterprise, determined to exploit the problems to force the tentacles of nation-states into the marketplace. Their motives are not, at their heart, to provide authentic security, and restore some lost trust, but to command and control the networks of crypto, thus assuring that some of the most (from a coercive enterprise perspective) dangerous aspects of crypto, anonymity, autonomous financing, be prevented from happening.
The Winklevoss twins, well-known for the millions they made as early investors in Bitcoin, are proposing that the marketplace voluntarily regulates itself, a move that is sure to meet with fake skepticism from the champions of the coercive enterprise, but which could help beat back the propaganda opportunities created anytime there is a major hack or fraud case in crypto.
From Market Watch
|Winklevoss twins propose self-regulatory body for cryptocurrency industry|
As regulation of the cryptocurrency industry intensifies, a prominent bullish duo has proposed one way to disabuse critics of the notion that the nascent sector represents a Wild West of investing.
Cameron and Tyler Winklevoss, who founded digital-currency exchange Gemini, are putting forward a framework for self-regulation of the virtual-currency sector called the Virtual Commodity Association (VCA).
In a blog post, the Winklevoss twins say a dearth of regulation and the need for change as the market attempts to evolve, has prompted them to push for the industry to adopt broad practices around responsible financial management, transparency, cybersecurity and record-keeping. The twins also say self-regulation doesn’t preclude the need to work along side regulators.
‘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. We believe 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.’