Four of the largest cryptocurrency exchanges in the United States and across the globe are joining forces to self-regulate the emerging digital assets market.

Together, Gemini co-founders Cameron and Tyler Winklevoss will partner with executives from Bittrex, Bitstamp, and bitFlyer USA to form the Virtual Commodity Association working group. The industry-sponsored, self-regulatory organization (SRO) will create industry standards and policies for the cryptocurrency industry, specifically around exchanges and crypto custodians.

The working group will meet this coming September to discuss VCA membership guidelines, staffing the VCA, and creating best practices that “promote fairness, transparency, risk management, and liquidity” and “will address Member conflicts of interest, client communications, client disclosures, and record keeping.”

Former Executive Deputy Superintendent at the New York Department of Financial Services, Maria Filipakis, will serve as the VCA’s interim Executive Director. Filipakis was “instrumental” at her previous role where she developed rules and regulations for virtual currency for the Department of Financial Services.

In a post on Gemini’s blog, Gemini President Cameron Winklevoss explains that to help the cryptocurrency market mature, the next “logical step” is creating a “thoughtful SRO framework.” Winklevoss offered this statement:

“The SRO approach has historically worked to protect and police various markets. For example, the National Futures Association (NFA) is an SRO for the U.S. derivatives industry and is a model for how the VCA will work together with the Commodity Futures Trading Commission (CFTC) to provide additional oversight to virtual commodity cash markets. The promise of virtual commodities and their impact on the future will be profound — but individuals and institutions need to feel safe and secure when transacting on marketplaces.”

The move comes after the Winklevoss twin’s Bitcoin ETF was denied citing concerns of Bitcoin market manipulation – claims that the United States is currently investigating. Many cryptocurrency industry pundits believe that until regulation occurs, a Bitcoin ETF is unlikely to be approved.

All eyes are currently focused on the currently proposed Bitcoin ETFs, with a decision expected on the ProShares Bitcoin ETF coming this week, on or before August 23rd. The ETF proposal from VanEck and SolidX that has the highest chance for success, had its approval decision delayed until September 30th.