Gemini, Bitstamp, Bittrex, and bitFlyer US, all of which are American digital currency exchanges, have made an announcement about creating a self-governing establishment for digital commodities, including digital currencies.
The new association has been named “Virtual Commodity Association Working Group”, and it focuses on helping major financiers to get more acquainted with the cryptomarket, elaborating industry standards and serving as the predecessor of the same organization soon to be established for such major digital commodities as BTC and ETH.
The freshly established organization has scheduled its first meeting this September.
According to the announcement, the organization intends to work as a crypto equivalent for the organizations that create common standards and respond to policymakers’ declarations in the world of equities. The association intends to design some of the best practices for the cryptoindustry, seeking means of boosting the liquidity, and elimination the manipulation over the cryptomarket.
In the meantime, one of the major US cryptoexchanges, Coinbase, has not become part of the organization, refusing to shed light on the endeavor.