Virtual Commodity Association heading full steam ahead to Self Regulation

According to the latest report, Virtual Commodity Association (VCA), a U.S-based consortium that is in the process of establishing a Self-Regulatory Organization (SRO) has launched six committees that will be responsible for providing standards, enable sound practices and for the regulatory oversight of the crypto industry.

Currently, the VCA comprises of cryptocurrency exchanges including Bittrex, BitFlyer, Gemini, and Bitstamp. Moreover, the objective to attain the status of SRO by VCA is for formalizing its mission to protect the crypto investors from the U.S.

The establishment of the six committees is to address the challenges of the industry that have been previously pointed out by the regulatory community. Those challenges are Anti-Money Laundering (AML), Bank Secrecy Act (BSA), Custody and Security, Market Integrity, Insurance, Tax, and Enforcement. Every committee will be headed by the expert from the relevant industry who will be responsible for establishing frameworks.

Six committees of VCA and the leading authorities are:
Bank Secrecy Act /Anti Money Laundering — headed by Michael Carter (Alvarez & Marsal)
Custody and Security — co-lead by Nicole Becher and Adam Cohen (Redgrave LLP)
Enforcement — headed by Philip Moustakis (Seward & Kissel, LLP)
Insurance — co-lead by Alexander Sand (Eversheds Sutherland US, LLP) and Matthew Gaul (Mayer Brown, LLP)
Market Integrity — lead by Michael Roe (Exiger)
Tax — head to be announced soon.

Moreover, Head of Risk at the Gemini Trust Company Yusuf Hussain has been appointed as the Board of Directors’ President, while the Head of Legal and Regulatory Affairs at BitFlyer Hailey Lennon has been appointed as the Board of Directors’ Secretary.

President of VCA Yusuf Hussain stated that numerous regulatory agencies had asked the industry for the provision of up to date oversight and better surveillance of the digital currency markets. VCA has recently launched six committees that will be addressing the challenges highlighted by the industry.

The Secretary of VCA Hailey Lennon stated that the company is grateful to all the entities that are willing to dedicate their time and resources for the advancement of VCA’s goal to promote protection for the consumers and maintain market integrity for the cryptocurrency industry.