On March 13, 2018, virtual currency exchange Gemini released a proposal to create the first self-regulatory organisation (SRO) for U.S. virtual currency exchanges. The so-called “Virtual Commodity Association” (VCA), as envisioned, would be a non-profit, independent regulatory organisation that would operate to foster responsible virtual commodity markets by requiring members to implement specified sound practices and supervising members' implementation of such practices. The VCA would also encourage greater cooperation with relevant regulators in an effort to assist with the maturation of the virtual commodity industry.