Yusuf Hussain, Head of Risk at Gemini and President of the Virtual Commodities Association (VCA), recently shared the importance of forming a self-regulatory organization (SRO) for the crypto industry with the aim of establishing a well-regulated ecosystem for crypto players.
The VCA is currently made up of four crypto exchanges comprising Gemini, bitFlywer, Bittrex, and Bitstamp, as well as law firms and consultants working together.
According to an interview published as part of CoinDesk’s 2019 Year in Review, Hussain revealed that there may be a bright future for crypto regulation.
“We’re seeing less resistance from exchanges claiming regulation is antithetical to crypto,” he said.
Hussain explained there are two parts to an SRO, specifically enforcement and cross-market surveillance, with the VCA forming committees to look into these issues.
“At the VCA, there are six committees; two focus on enforcement and cross market surveillance. So we’re building to that vision, and we have relationships with both the SEC [Securities and Exchange Commission] and CFTC [Commodity Futures Trading Commission],” he added.
From all the developments happening in the crypto community in 2019, Hussain said the most important movement was the higher interest in cryptocurrency from federal and state regulators on how to regulate and adopt cryptocurrencies.
“There’s also been a slight change in narrative,” he revealed. “Where crypto exchanges and custodians once said, ‘we don’t need the AML [anti-money laundering] or other regulations… it’s the antithesis of crypto,’ they’re coming around in learning you can’t challenge the most heavily regulated industry in the world without the appropriate sensible regulation.”
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