The Winklevoss twins always like to stir things up.
Are several crypto exchanges really looking at taking the crypto market to an all-new level?
Yes, the Winklevoss brothers, Gemini in conjunction with three others have created the Virtual Commodity Association Working Group. This is what needs to happen prior to the formation of a self-regulatory organization for digital commodities such as bitcoin and Ethereum.
The hope is this new group will bring new industry standards for crypto. Thus making investors more at ease, in this fairly new market.
When it comes to equities, the securities exchanges have their own way and organization to do things. They come up with standards that are to be practised and respond to regulators.
It has now been recognized by various competing exchanges that working together will be beneficial for all and in turn improving the industry.
By coming up with the best practices for the industry it will improve the liquidity of it.
The creation of this group would help regulators engage the crypto environment
Who will be joining the group? We will soon see this month when the group first meets. So far there is Gemini, Bitstamp, Bittrex and bitFlyer USA.
When they meet what problems could the group solve? The ambiguity of the crypto market.
According to the Winklevoss twins, the creation of Consolidated Audit Trail will allow regulators and the market to track what is going on within the US equities.
[Tweet “With no common host to audit all market data, digital assets can trade at the same time at multiple prices.”]
With institutions leery over how fair and the quality of the data in the crypto market, this group will hopefully alleviate their concerns.