Virtual Commodity Association (VCA)

The Virtual Commodity Association (VCA) was a proposed industry body for US cryptocurrency trading platforms, announced in 2018 by Cameron and Tyler Winklevoss, the founders of the Gemini exchange. Its stated aim was to act as a self-regulatory organisation for markets in "virtual commodities" such as bitcoin, setting standards on market integrity, transparency and conflicts of interest. The gap it targeted was real: the Commodity Futures Trading Commission regulates crypto futures, but spot trading of crypto treated as a commodity had no dedicated federal supervisor. Several other exchanges were reported as early supporters. Membership was voluntary and the body had no legal powers of its own, and it did not become a recognised regulator. Also see cryptocurrency regulation.