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Alex Fredericks
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Cryptocurrency Leaders Seek To Self Regulate
Governments and regulatory agencies, realizing they have failed to adapt to the new digital economy built on blockchain, are now moving to regulate some tokens as securities. The potential for disruption, damage and uncertainty as a result of government intervention is high and a very real threat. Instead of waiting for the inevitable, industry leaders are banding together to create a self-regulating body to protect and serve individuals and/or organizations that participate in all things crypto.
The Token Exchange Self-Regulating Body (TXSRB) will model itself after The Financial Industry Regulatory Authority (FINRA) and upon establishing rules will be responsible for the following:
Enforcing binding rules guiding member activity.
Auditing exchanges and member firms, ensuring compliance with the TXSRB standards and rules.
Promoting ethical practices and improving member transparency within the industry.
Oversee any arbitration between exchanges, companies, investors or other involved parties.
TXSRB founder John Gotts conferred with many of the smartest people within the crypto industry, they all agreed that 'they need education, rules & regulations for the Community to grow from $100 billion to $1 trillion over the next three years and beyond.
The TXSRB has been endorsed by Cryptonomex, license owners of the Graphene blockchain, which powers BitShares, Steem, Peerplays, Muse Blockchain, YowYow Social Media Platform, the (DEX), Openledger Exchange and BitShares Rudex Exchange. Their team has pledged to help build the TXSRB laws, rules & regulations, which will in short order make BitShares the safest, most-legitimate exchange in the world of cryptocurrency.
The Token Exchange Self-Regulating Body will be creating a wiki that contains the rules, regulations & laws. There will also be an opportunity to vote utilizing a free membership token. First on the docket for the TXSRB is to classify the numerous 'Non-Security Altcoins. The TXSRB is looking for passionate volunteers to work with local governments, educating them about the benefit of tokens.
Read more on TXSRB here:
To join the TXSRB or to find more information, use the following link.
ABOUT CRYPTONOMEX
Cryptonomex Inc. is an independent blockchain development company founded by the core developers of the BitShares blockchain. The mission of Cryptonomex is to facilitate the growth and adoption of industrial blockchain technology.
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