Major crypto firms and groups form coalition aimed at promoting ‘market integrity’

Major crypto firms and groups form coalition aimed at promoting 'market integrity'

A coalition of advocacy groups and cryptocurrency exchanges from different countries has been formed to combat market manipulation.

Solidus Labs, a market surveillance firm, and several exchanges, including Bitstamp and Coinbase, BitMEX, and CrossTower, announced Monday that they will be launching the Crypto Market Integrity Coalition (or CMIC), asking other companies to follow their lead. CMIC members must agree to promote “a fair digital assets marketplace to combat market abuses and manipulation and encourage public and regulatory confidence in crypto.”

The 17 founding members of the group include CryptoUK, a U.K.-based self-regulatory trade organization CryptoUK and Global Digital Finance, an international think tank. The coalition also includes CryptoCompare, Anchorage Digital and Circle, the crypto data provider.

CMIC pledges to “maintain fair, orderly digital asset market and prevent market abuse.” It also stated that it would eventually share its research into crypto and establish a dialogue between regulators.

Circle chief strategy officer Dante Disparte, head of global policy, stated that “Harmonizing an international approach to digital assets, and competition in the space race for digital currency, can improve U.S. competivity, security, and lower fundamental financial access costs,”. “CMIC’s promise brings together leading industry players to improve market integrity standards.

The CMIC website states that the pledge requires members to agree to the following:

“Regardless of regulatory requirements market activity should still be reviewed and monitored on an ongoing basis to detect and eliminate market manipulations and unfair market abuses. We will take all steps to prevent fraud and manipulation from happening.

Related: Binance denies market manipulation allegations

Other groups have been formed by industry leaders and crypto firms to address issues in mainstream adoption and among regulators. Square, now Block, created a consortium to pool crypto- and blockchain-related patents in September 2020 to “defend from patent aggressors, trolls” and launched the GoodFi alliance in February 2021 to promote education and research on decentralized finance.

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