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Statement Of CFTC Commissioner Brian Quintenz Regarding The Virtual Commodity Association

Date 20/08/2018

Given the absence of federal oversight jurisdiction in the crypto market, in February and again in March of this year I called on the crypto platform community to come together and develop a self-regulatory organization-like entity that could develop and enforce rules.[1]  I am pleased that progress has been made on such a concept.  Ultimately, an independent and empowered SRO-like entity could have a meaningful impact on the integrity and credibility of this young marketplace.  Today’s announcement is a positive step towards that realization.

 

[1] See Remarks of Commissioner Brian Quintenz before the Yahoo Finance All Markets Summit: Crypto (Feb. 7, 2018), https://finance.yahoo.com/video/cfct-dont-ever-want-no-185517150.html; Keynote Address of Commissioner Brian Quintenz before the DC Blockchain Summit (March 7, 2018), https://www.cftc.gov/PressRoom/SpeechesTestimony/opaquintenz8