Cryptocurrency exchanges join to form self-regulatory body

The Virtual Commodity Association, a Winklevoss-founded self-regulatory organization focused on crypto-commodities, announced its inaugural meeting in September and initial members: Bitstamp, bitFlyer USA, Bittrex, and Gemini.

Why it matters: The crypto-asset industry has struggled to gain the full trust of regulators like the Securities and Exchange Commission, so a self-regulatory body could help its case. Brian Quintenz, Commodity Futures Trading Commission commissioner, called the move "a positive step," especially as Gemini, founded by the Winklevoss brothers, recently had its second proposal for a bitcoin-based exchange-traded fund rejected by the SEC.