Winklevoss Twins Launch a Cryptocurrency Self-Regulating Body

Cryptocurrency millionaire twins Cameron and Tyler Winklevoss are taking further steps in legitimising the crypto world that underpins cryptocurrencies such as Bitcoin.

Previously, the Winklevoss twins were in the news for suing Mark Zuckerberg on the creation of Facebook. The twins won the case in 2008 with a US $65 million paid to them by Facebook. They claimed that Zuckerberg stole their idea of creating a social media platform while they were still at Harvard University. The Winklevoss twins placed US $11 million into Bitcoin which values more than US $1 billion last year.

According to a report from The Telegraph, the Winklevosses’ are launching an industry group, The Virtual Commodity Association, with a mission to “promote fairness, transparency, risk management, and liquidity”.

The Twinklevosses’ are hoping to win the approval of industry regulators for the self-regulatory organization.

Four major crypto exchanges have already signed up to the association brought about by the absence of concrete regulations for virtual currencies and these assets are perceived to occupy grey areas. Cryptocurrencies are decentralized by nature.  Due to its high volatility and allegedly becoming popular with cybercriminals, regulators are skeptic about it.

One of the members of the Commodity Futures Trading Commission in the U.S., Brian Quintenz, regarded this initiative a “positive step” for the crypto industry. Quintenz also said that it “could have a meaningful impact on the integrity and credibility of this young marketplace”.