The crypto currency exchange created the Association of virtual commodities

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The crypto currency exchange created the Association of virtual commodities

Some of the largest cryptocurrency exchanges decided to create a new structure to root out manipulation in the market of digital assets.

The founders of the Association of virtual commodities become Cameron and Tyler Winklevoss. According to the statement, the group also entered Bittrex, Bitstamp and BitFlyer USA. Meeting of representatives of the marketplaces in which they consolidate the provisions for the future functioning of the organization, will be held in September.

Association of virtual commodities will create standards for the industry, to cooperate with regulators, including the Commission on trade commodity futures U.S. (CFTC), and promotes transparency in the market to prevent manipulation of BTC, ETH and other digital currencies.

The interim Executive Director of the organization was appointed Filipakis Maria, who previously worked in the Department of financial services new York. There she took part in the creation of a license called Regulations for cryptocurrency companies, who would like to work in the state.

Earlier this month, the brothers Winklevoss have planned to launch its own exchange traded Fund (ETF) pegged to bitcoin, however, the SEC has twice denied them. One of the reasons was the lack of adequate measures to prevent the manipulation of the cryptocurrency market.

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