It's interesting to not that the debacle with MtGox, a foundation gold member, has spured no preemptive action from the foundation, with the result of the apparent loss of substantional monetary value for many members of the community.
However, when the business interests of the most resourceful members of the foundation is threatened, they act very swiftly:
https://bitcoinfoundation.org/blog/?p=484This is a bit sad, as resourceful people really should help and look after those less resourceful. While the foundation is not legally obliged to intervene with situations like MtGox, I'm sure that exactly such situation is where we'd like to have a foundation with various expertise intervene and help.
While there were many warning signals in regards to MtGox, there were a lot of naive users caught out in this situation. If The Foundation had agressively approached MtGox demanding clarification on central issues, the deficit could've been noticed earlier, and the whole current situation could've been avoided.
Perhaps this is the time to draft a set of best business practises for exchanges in the bitcoin community. It could then be voluntary for exchanges to follow this, and for those who did, they could be listed as 'approved exchanges' or similar.
This would not be failsafe, but it could be a step in the right direction.
As a minimum:
- Independent audits on infrastructure security (hw/sw)
- Indepdent financial audits
- Ringfencing of client funds.
- No frontrunning or otherwise unethical manipulation of inhouse trading engine.
There could as well be various grades of compliance. Ie. compliance level 1, 2 and 3. Where a 3-star compliance level ensured that the exchange operated according to the highest standards set forth in the 'regulative draft'.
I think the bitcoin community is able to 'self police' and do not need governmental regulation apart from the existing AML/KYC procedures.