Press Release: Officially Launched
Cryptocurrency Experts Launch Crypto Working Group to Define Industry Standards and Establish Best Practices
CWG seeks to build a trusted framework for crypto-currency exchanges and possible regulation
Includes former SEC, FED, FDIC regulators, ICO founders & top crypto advisors
New York, NY – Global cryptocurrency insiders today launched the Crypto Working Group (CWG), a network of trusted market participants tasked with establishing best practices for a sustainable, orderly market. The new organization, which includes former U.S. Securities and Exchange Commission and FDIC regulators as well as executives from leading crypto and financial institutions, will focus on recommending standards for ICOs, exchanges and custody, and educating both governments and corporations on possible regulations.
“Cryptocurrency represents a unique opportunity to democratize access to financial services. We believe that cryptocurrencies are a global phenomenon and that we must build the infrastructure to help the industry grow on a global scale. CWG’s vision is to fuse the crypto world with traditional finance – combining centuries of knowledge and common sense with this burgeoning financial opportunity,” said Richie Hecker, Chairman of the Crypto Working Group.
Leading CWG members include: Lou Kerner, Wall St.'s Mr. Bitcoin and a former Goldman Sachs analyst; Crystal Rose, Founder and CEO of Sensay; Will Martino, founder of Kadena and former SEC Senior Science Advisor; and Andrew Keys, Co-Founder ConsenSys Capital; James Koutoulas, Esq., CEO of Typhon Capital Management, among others.
Specifically, CWG’s mission is to develop the framework in which we can advance the flow of institutional capital into this emerging market and to protect market participants. In this role, the CWG will focus on three major pillars:
- Establishing Best Practices: The organization will produce whitepapers with market standards, disclosures and digital content for key aspects of the market, including token issuance, exchanges and custody.
- Driving Education: The group will work with governments and corporations to help educate and enhance best practices for participation.
- Developing Community: The group will developing a thriving community of crypto-insiders, fiat financial services professionals, and social-impact groups dedicated to building a healthy global industry.
Within the CWG, all members are asked to contribute and take one action each quarter to help and advance the community. CWG members are creating a series of best practices, which will be voted on by the entire CWG to achieve consensus and published for distribution to participating regulatory agencies and market participants. The CWG strives to operate across local, national, and international regulatory domains.
To achieve our mission of building global standards, the CWG is establishing partnerships with leading organizations. These partnerships facilitate governmental and institutional relationships that will allow the CWG to scale globally.