According to the Market Integrity Coalition, it plans to “promote public and regulatory confidence in the new asset class,” and will be “committed to ensuring a safe and sensibly-regulated crypto industry.”
A group of cryptocurrency firms, exchanges, and advocacy groups across the globe are forming a new Market Integrity Coalition aimed at combating market manipulation to make the rapidly rising crypto industry a trustworthy one.
Market surveillance firm Solidus Labs, alongside Anchorage Digital, which is the first crypto firm to receive a charter from the national bank regulator in the United States, Bitstamp, and CrossTower announced on February 7, that they would be launching the Crypto Market Integrity Coalition (CMIC) and has asked all other crypto firms to follow their lead.
The 17 founding members of CMIC also include crypto exchange 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, the company behind the USDC stablecoin.
According to the Market Integrity Coalition, it plans to “promote public and regulatory confidence in the new asset class,” and will be “committed to ensuring a safe and sensibly-regulated crypto industry.”
A statement from the newly formed group revealed that members of the group must pledge and vow to encourage “a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence” in the crypto space. The Market Integrity Coalition added that the pledge acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect its investors.
Kathy Kraninger, vice president of regulatory affairs at Solidus Labs and former director of the Consumer Financial Protection Bureau, speaking after the announcement stated:
“It really is about recognizing that you need entities that are focused on a fair and orderly system here, and trying to prevent the abuses that can happen if you’re not paying attention.”
The coalition’s pledge also includes a commitment to “maintain fair and orderly digital asset markets and prevent market abuse.” CMIC added that it intends to share its own crypto research in the future, as well as engage in communication with authorities and develop a data-sharing and shared-surveillance framework.
Dante Disparte, the chief strategy officer and head of global policy at Circle, 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.” Disparate added that the coalition’s pledge will create a formidable group of leading industry participants to advance market integrity standards.
According to the press release, Solidus labs initiated the new coalition and extended the call to the other companies to come aboard. The CMIC website states that all members, having deliberated over the coalition’s goals, have agreed that, “Regardless of regulatory requirements, market activity should be reviewed and monitored on a reasonable ongoing basis for purposes of detecting and eliminating market manipulation and unfair market abuses. Clear instances of fraud and manipulation are illegal, and we will commit to preventing these activities to the best of our ability.”
Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
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