Crypto trading industry begins self governance talks.
The second meeting of the Crypto OTC Roundtable Asia (CORA) occurred yesterday in Chicago. The discussion of how best to self regulate and deter industry bad actors was the primary topic.
According to Bloomberg, over thirty cryptocurrency firms including: real time gross settlement system Ripple, hedge fund Cipher Technologies Management LP, market maker Cumberland and asset management company Galaxy Digital Holdings LP gathered to discuss how best to clean up the space from the rising amount of scams and hacks.
Oversight and self governance would help bring more legitimacy to the industry and be welcomed by regulators. Suggestions included: blacklisting persons and entities involved in criminal activities, accreditation for companies with good reputations, setting industry standards to verify client identities and source of funds and sharing information on traders who default on derivatives.
The group plans to meet again shortly to discuss how best to move forward on the ideas presented.