A group of digital currency exchanges will meet next month to begin discussing self-imposed rules for providing better transparency, consumer protection, and risk management in the US digital asset marketplace.
The goal: According to a press release, the so-called Virtual Currency Working Group, whose members include Cameron and Tyler Winklevoss’s Gemini exchange, Bitstamp, bitFlyer USA, and Bittrex, will “work towards the goal of establishing an industry-sponsored, self-regulatory organization (SRO) to oversee virtual commodity marketplaces.”
Self-reliance: Federal policymakers are still debating how best to govern the cryptocurrency marketplace, in which fraud and security lapses have become common. The goal of an SRO would be to start policing shoddy practices in the absence of government intervention, and perhaps even to demonstrate that such intervention isn’t necessary.
Why it (could) matter: The industry is evolving so quickly that it has proved difficult for regulators to keep up. In May, Commodity Futures Trading Commission commissioner Brian Quintenz told the audience at a major cryptocurrency conference that it would behoove companies to begin policing themselves. Quintenz praised today’s announcement in a statement. “Ultimately, an independent and empowered SRO-like entity could have a meaningful impact on the integrity and credibility of this young marketplace,” he said.
The inside story of how ChatGPT was built from the people who made it
Exclusive conversations that take us behind the scenes of a cultural phenomenon.
ChatGPT is about to revolutionize the economy. We need to decide what that looks like.
New large language models will transform many jobs. Whether they will lead to widespread prosperity or not is up to us.
Sam Altman invested $180 million into a company trying to delay death
Can anti-aging breakthroughs add 10 healthy years to the human life span? The CEO of OpenAI is paying to find out.
GPT-4 is bigger and better than ChatGPT—but OpenAI won’t say why
We got a first look at the much-anticipated big new language model from OpenAI. But this time how it works is even more deeply under wraps.
Get the latest updates from
MIT Technology Review
Discover special offers, top stories, upcoming events, and more.