Various digital exchanges team up together to root out cryptocurrency market’s falling demand and stop fraud and manipulation arising in markets for digital assets such as Bitcoin and Ethereum.
During this particular phase, the cryptocurrency market has witnessed great downfalls and even hit the all-time low. Various companies in the space are struggling to keep up with the market and rethinking on how they can continue providing services at such point of time.
To eradicate this conspicuous situation group of the world’s massive digital exchanges has come together in the joint effort to fight off the falling graph of the market space existence and demand. The reason for the digital exchanges to team up is to find out the bad behavior of the cryptocurrency industry which values close to $214 billion.
Initiated by the Gemini Trust and its co-founders Tyler and Cameron Winklevoss, the virtual commodity exchange is now expanded and purported to be partnered with various exchanges under them, first of the majors to be included are BitFlyer USA, Bittrex, and Bitstamp.
The first-ever meeting involving all four marketplaces is reported to be organized in the month of September where the major discussion will revolve around setting up an organization capable of self-regulation the core system of crypto industry.
The virtual commodity association is to promote efficiency and consistent work regulators with the U.S. Commodity trading (futures) to avoid any fraudulent or manipulative activities in market space with high-value assets like the BTC (Bitcoin) and Ethereum (ETH).
The group of the leading market players on Monday announced ‘Maria Filipakis’ as their newly appointed interim executive director. Maria has previously been serving as the major contributor in the New York Dept of Financial Services, where she had been helping in improvising the state’s permit for cryptocurrency called as the BitLicense.
The U.S. Exchange and Security commissions, CFTC and other regularities massively depend over the self-regulating institutions to maintain and monitor trading from the swaps to major stakes of the U.S. giant companies.
However, no other similar federal authority has a direct power over the new group formed of all exchanges who are trading digital currencies in the market. Despite a patchwork that is constituting all state laws and procedures required for any legal assistance which is been criticized by various other firms to be pointed out as manipulative.
Brian Quintenz, a CFTC commissioner mentioned through a statement “Pointing out the lack of federal jurisdiction and its passive presence in the crypto space, I have been repeatedly involved in calling out a platform community that has major exchanges onboard initiating altogether an organization that involves self-regulation which can impose required rules.”
The renowned Winklevoss’ wanted to introduce Bitcoin ETF and for this, a request was made to SEC. But now after rejecting the request for the second time, it seems like Bitcoin markets aren’t adequately policed for manipulation.