A group co-founded by 17 crypto exchanges including Coinbase, as well as trading companies and industry associations, is pledging their commitment to “a fair digital asset marketplace.”
Initiated by Solidus Labs, a crypto risk management firm, the Crypto Market Integrity Coalition, as it’s known, aims to fight market abuse and manipulation of digital assets, the group says. The coalition adds that it also aims to “promote public and regulatory confidence in the new asset class.”
CMIC also includes internet finance firm Circle Internet Financial, blockchain-driven financial technology holding company Huobi Tech, cryptocurrency market maker GSR and others.
The group is inviting all industry members to join the pledge, which it hopes will “send an unequivocal message at this critical moment in the evolution of digital assets: The crypto industry has made enormous strides to improve market integrity in the past few years.”
“The public and regulators have made their concerns clear, and the pledge’s initial goal is to bring unity and action at an industry level, across CeFi, DeFi and all digital assets,” Asaf Meir, co-founder and chief executive officer of Solidus Labs, said in a statement.
The group also plans to develop training programs, share research, engage with regulators and assess the ability of data-sharing and shared-surveillance frameworks to “address crypto and decentralized finance’s unique cross-market supervision challenges.”
Blockchain technologies and especially the cryptocurrencies built using them have come a long way integrating into the financial lives of investors and traditional industry players, with many wealth management firms now open to giving their clients access to digital assets in some form.
But crypto has also alarmed lawmakers, with the Securities and Exchange Commission chairman Gary Gensler, among others, calling for more oversight.
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