The Global Digital Asset & Cryptocurrency Association in Chicago wants to be the one to regulate digital currencies

They all support developing rules to bolster the industry’s credibility and jettison its Wild West image, but there is no consensus on a path to get there, including on issues like creating a self-regulatory organization.

Chicago and New York have long battled for supremacy in financial markets. At stake now are billions of dollars in digital assets, such as bitcoin, and more participation in the industry, which has grown in popularity as the pandemic undercuts major economies and government currencies.

“Whenever everything shakes out, there will be one (regulatory organization) standing that’s probably cobbled together from the three or four initiatives that are out there, but for the time being, we are going to push forward with the mindset that (Chicago’s) is the one,” says Matt Lisle, general counsel at Chicago-based cryptocurrency lender Drawbridge Lending and one of the informal leaders of the Global Digital Asset & Cryptocurrency Association.

The Commodity Futures Trading…