A cryptocurrency self-regulatory organization ("CSRO"), such as the one that has been established by the Winklevoss twins following the second disapproval of their bitcoin-based commodity-trust ETP, has the potential to move cryptocurrency towards meeting the Section 6(b)(5) test.
On August 20, 2018, less than a month after the SEC released its second disapproval of their bitcoin-based ETP, the Winklevoss twins announced that they would be working with Bitstamp, Inc., bitFlyer USA, Inc., Bittrex, Inc., and Gemini Trust Company, LLC to form a CSRO. (119) The shared goals of the Virtual Commodity Association ("VCA") are to improve "transparency, accountability and security across all virtual currency trading platforms." (120) Two of the major ways that the VCA could help alleviate some of the SEC's concerns are through increased information about trading volumes across platforms and the creation of a group with a combined significant market cap with an international presence.
Through a CSRO, bitcoin has the potential to follow in the footsteps of other nascent financial markets and institute regulation before federal regulators feel comfortable enough to step in.
(116) CSROs have emerged in other countries including Croatia, Japan, Switzerland, the UK, and Slovenia that have been more friendly to cryptocurrency.
In response to the survey, CSRO also announced its recommendations to policymakers in addressing prior authorization protocols by ensuring that:
"Prompt diagnosis and specially tailored treatment can improve the long-term outcomes of patients with rheumatologic diseases," said CSRO's Allen.
The first section assessed the Corporate Social Responsibility Orientation (CSRO) of each respondent, while the second collected demographic information.
CSRO was measured with an instrument developed by Aupperle, Carroll and Hatfield (1985).
The dependent variables in this study were the four dimensions of the CSRO (i.e., Economic, Legal, Ethical and Philanthropic) and the independent categorical variables were the hierarchical positions the subjects occupied in their respective organizations (i.e., non-management, lower management, middle management and top management).
First, we considered a MANOVA procedure to be the most appropriate analytic technique for exploring differences in CSRO scores among the two samples.
Future extensions of this research should give thought to determining whether a manager's CSRO does translate into corporate action.
Ideally, longitudinal research that focuses on the measurement of managers' CSRO over time is needed.