• Crypto Companies Form Market Integrity Coalition Aiming for Well-Regulated Industry

  • According to the Market Integrity Coalition, it intends to “promote public and regulatory confidence in the new asset class” and is “dedicated to ensuring a safe and sensibly-regulated crypto industry.”

    A new Market Integrity Coalition has been formed by a group of cryptocurrency firms, exchanges, and advocacy groups from around the world to combat market manipulation and make the rapidly growing crypto industry more trustworthy.

    Solidus Labs, along with Anchorage Digital, the first crypto firm to receive a charter from the United States’ national bank regulator, Bitstamp, and CrossTower, announced on February 7 that they would be launching the Crypto Market Integrity Coalition (CMIC) and have asked all other crypto firms to follow their lead.

    Coinbase, Elwood Technologies, Circle Internet Financial, MV Index Solutions, Huobi Global, Liberty City Ventures, Global Digital Finance, the Chamber of Digital Commerce, BitMEX, Securrency, Cryptocompare, a US-based crypto advocacy group Chamber of Digital Commerce, United Kingdom-based self-regulatory trade association CryptoUK, international think tank Global Digital Finance, and Circle Internet Financial are among the 17 founding members of CMIC.

    According to the Market Integrity Coalition, it intends to “promote public and regulatory confidence in the new asset class” and is “dedicated to ensuring a safe and sensibly-regulated crypto industry.”

    According to a statement issued by the newly formed group, members must pledge and vow to promote “a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence” in the crypto space. According to the Market Integrity Coalition, the pledge recognizes the potential for fraud in the cryptocurrency space as well as the need for the industry to protect its investors.

    Speaking after the announcement, Kathy Kraninger, vice president of regulatory affairs at Solidus Labs and former director of the Consumer Financial Protection Bureau, stated:

    “Recognizing that you need entities focused on a fair and orderly system here, and trying to prevent the abuses that can happen if you’re not paying attention,” says the author.

    The coalition also pledged to “maintain fair and orderly digital asset markets and prevent market abuse.” CMIC also stated that it plans to share its own crypto research in the future, as well as communicate with authorities and create a data-sharing and shared-surveillance framework.

    Circle’s chief strategy officer and global policy director, Dante Disparte, stated that “harmonizing a broad global approach to digital assets and competition in the digital currency space race can improve US competitiveness, security, and lower fundamental costs for basic financial access.” According to Disparate, the coalition’s pledge will form a formidable group of leading industry participants to advance market integrity standards.

    According to the press release, Solidus labs spearheaded the new coalition and invited other companies to join. According to the CMIC website, all members have agreed that, “Regardless of regulatory requirements, market activity should be reviewed and monitored on a reasonable ongoing basis for the purposes of detecting and eliminating market manipulation and unfair market abuses.” Clear instances of fraud and manipulation are illegal, and we will do everything in our power to prevent these activities.”

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