The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Crypto Leaders Join Forces to Score SEC Approval and Spur Mass Adoption

by Daily Hodl Staff
August 20, 2018
in Regulators

Major players in the crypto space are uniting to form a new self-regulatory body to improve standards. The Virtual Commodity Association Working Group is planning its first meeting in September 2018. Five cryptocurrency exchanges will join as initial participants: Bitstamp, Inc., bitFlyer USA, Inc., Bittrex, Inc., and Gemini Trust Company, LLC.

The Working Group plans to form an industry-sponsored, self-regulatory organization (SRO) that oversees virtual commodity marketplaces. The group has appointed Maria Filipakis as its interim executive director. Filipakis, former Executive Deputy Superintendent at the New York Department of Financial Services (DFS), was instrumental in drafting the DFS rules and regulations for virtual currency.

The VCA intends to address the regulatory challenges that dealt recent blows to the crypto sector. The U.S. Securities and Exchange Commission (SEC), citing multiple concerns over consumer protections, denied the second Bitcoin ETF proposed by the Winklevoss twins, who own and operate trading platform Gemini.

The SEC also delayed its decision on the VanEck SolidX Bitcoin Trust, citing the need for more time to make an informed decision.

At the initial meeting, VCA participants will establish the following:

  1. Guidelines for membership in the VCA.
  2. Guidelines for best practices and rules-based marketplaces that will promote fairness, transparency, risk management, and liquidity.
  3. Guidelines for best practices that will address Member conflicts of interest, client communications, client disclosures, and record keeping.
  4. Staffing the VCA, to include an Executive Director, among others, and composition of the Board of Directors.
[the_ad id="42537"] [the_ad id="42536"]

Gemini’s Head of Risk Yusuf Hussain says, “This is the first of many steps in policing the digital asset markets and answering the call of regulators.”

“The blockchain industry must focus on protecting its customers and operating in a responsible manner to significantly increase adoption globally,” said John Roth, Chief Compliance and Ethics Officer at Bittrex. “By working with the VCA, we can advance our shared goals of improving transparency, accountability and security across all virtual currency trading platforms. This effort will also complement our discussions with regulators and legislators about developing a long-term solution that creates a fully-compliant environment for blockchain while encouraging innovation, economic growth, and US leadership in the industry.”

The self-regulatory body is a sign of growing rigor, discipline and maturity in the cryptocurrency space which has seen its share of tribalism and factionalism. The Wild West phase, which spurred a burst of innovation and enthusiasm, is rapidly morphing. Key players are consolidating and retooling their mission statements to form a broad base of support by coming together.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Eduardo Estellez

Submit a Press Release

Industry Announcements

  • MultiBank Group Confirms MBG Token TGE Set for July 22, 2025
    July 11, 2025
  • PEPESCAPE Launches Crypto Presale, Combining Memecoin Culture With Decentralized Finance Ecosystem
    July 10, 2025
  • Aptos Labs Expands Leadership With New Chief Business Officer
    July 10, 2025
  • Falcon Finance Unlocks Real-World Asset Utility With First Live USDf Mint Using Tokenized Treasuries
    July 10, 2025
  • MBG Token Pre-Sale Set for July 15 – Only Seven Million Tokens Available at $0.35
    July 10, 2025
  • YZi Labs Invests in Aspecta To Pioneer Universal Price Discovery Infra for Trillion Illiquid Assets
    July 10, 2025
  • NovaEx Launches With a Security-First Crypto Trading Platform Offering Deep Liquidity and Institutional-Grade Infrastructure
    July 9, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$117,892.59
$117,892.59
0.08%
Ethereum
$2,957.40
$2,957.40
0.19%
BNB
$687.53
$687.53
0.9%
Solana
$161.83
$161.83
0.78%
XRP
$2.77
$2.77
0.64%

Spotlight

  • Billionaire Ray Dalio Warns ‘Painful Disruptions’ Incoming as US National Debt Set To Shatter $425,000 per Household
    July 5, 2025
  • Ancient Bitcoin Whales Abruptly Come Alive, Move $2,183,000,000+ in BTC After Lying Dormant for 14+ Years: On-Chain Data
    July 5, 2025
  • Bitcoin ‘Very, Very Likely’ To Hit $250,000 or Higher, Says Crypto Trader Michaël van de Poppe – Here’s His Timeline
    July 5, 2025
  • US Lawmakers Probe $870,000,000 in Customer Losses on Zelle, Targeting JPMorgan Chase, Bank of America and Wells Fargo’s Reimbursement Practices
    July 5, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl