After major virtual currency exchanges joined hands to take the first steps in policing the digital asset markets through a working group, Maria Filipakis, the former executive deputy superintendent at the NY DFS will head the Virtual Commodity Association although at an interim capacity for now.
While at the New York Department of Financial Services, Maria was instrumental in drafting rules and regulations for virtual currency which led to the popular BitLicense. This was a disclosed through a press release dated today August 20.
Maria has worked with many other financial firms including Benjamin Lawsky, a state banking regulator which was her first firm after leaving the New York attorney general’s office where she was a senior attorney.
Filipakis will now help the Virtual Commodity Association Working Group establish a framework for industry best practices, “promote transparency and work with regulators including the U.S. Commodity Futures Trading Commission to prevent fraud and manipulation in markets for digital assets,” reported Bloomberg
The Virtual Commodity Association was first proposed by Gemini Trust Company in March of this year. Other digital currency exchanges that will kick off the operations of the VCA are Bittrex Inc., bitFlyer USA Inc., and Bitstamp Inc.
“This is the first of many steps in policing the digital asset markets and answering the call of regulators,” stated the press release.
While taking up the role, Maria said that she applauds “the VCA and its members in their commitment to strengthen the digital asset industry’s regulatory landscape, rules for the protection of customers, and bring forth industry setting best practices and market transparency”
With the VCA’s first meeting slated for September, some of the hot topics on their list are: Guidelines for membership in the VCA; guidelines for best practices and rules-based marketplaces that will promote fairness, transparency, risk management, and liquidity; guidelines for best practices that will address member conflicts of interest, client communications, client disclosures, and recording, staffing the VCA, among others.
The working group will provide updates on its progress and also open doors for others with the same interest in the crypto and the overall blockchain space to join the VCA.
Since the former executive deputy superintendent at the NY DFS will head the Virtual Commodity Association, and considering her previous works while at the NY DFS, do you think the VCA will help regulators to see the crypto space through a favorable perspective?
Leave a comment below and join the conversation.
