17 Crypto Firms Form a Market Integrity Coalition Aimed at Bolstering a Sensibly-Regulated Industry
On February 7, 2022, a group of 17 digital asset companies revealed they formed an organization called the Crypto Market Integrity Coalition (CMIC). The well-known firms include crypto companies like Coinbase, Circle Internet Financial, Huobi Tech, Bitmex, Cryptocompare, and Solidus Labs. The newly formed group says the coalition is “committed to a safe and sensibly-regulated crypto industry.” Leading Digital Asset Firms Launch a Crypto Market Integrity Coalition
17 crypto companies and organizations have announced the launch of an advocacy group called the Crypto Market Integrity Coalition (CMIC). The coalition’s announcement says the newly formed organization aims to “cultivate a fair digital asset marketplace” by combating market manipulation and abuse. The coalition plans to “promote public and regulatory confidence in the new asset class.”
CMIC consists of firms such as Solidus Labs, Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, Crosstower, Bitmex, Bitstamp, Securrency, Elwood Technologies, Cryptocompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, Cryptouk, and Liberty City Ventures. Furthermore, the group is inviting other digital asset industry members to join the CMIC.
“Through the pledge, the coalition seeks to 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 CMIC announcement notes. “At the same time, crypto firms are keenly aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to crypto’s unique challenges.” CMIC’s Principle: ‘Public Confidence and Investor Protection Are Elevated Through Integrity’
The press release further details that the crypto-native risk management firm, Solidus Labs, initiated the new coalition. The group explains in the future, the coalition will initiate “training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks.” Dante Disparte, the chief strategy officer and head of global policy at Circle believes “CMIC’s pledge brings leading industry participants together to advance market integrity standards.”
“Harmonizing a broad global approach to digital assets and competition in the digital currency space race, can improve U.S. competitiveness, security and lower fundamental costs for basic financial access,” Disparte said in a statement. CMIC has released a web portal and introductory video explaining what the coalition is and what it plans to do. The CMIC website calls industry leaders to take the pledge which consists of three principles: Industry can drive integrity by attesting to their actions to prevent manipulation and abuse. Public confidence and investor protection are elevated through integrity. Greater integrity brings responsible crypto market growth. Tags in this story 17 companies, Anchorage Digital, BitMex, BitStamp, Circle Internet Financial, CMIC, Coinbase, Crosstower, Crypto Market Integrity Coalition, Cryptocompare, Cryptouk, Dante Disparte, Elwood Technologies, Global Digital Finance, GSR, Huobi Tech, investor protection, Liberty City Ventures, MV Index Solutions, prevent manipulation, Public confidence, Securrency, Solidus Labs, the Chamber of Digital Commerce
What do you think about the recently formed CMIC and the organization’s goals? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $43,000 After Tesla Announcement NEWS | 7 hours ago Report: Chainalysis Detects "Significant" Wash Trading Using NFTs NEWS | 15 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTechnical Analysis: SHIB Climbs 50% Higher, as Meme Coin Hits $16 Billion Market Cap Next articlePolygon Raises $450 Million From Sequoia Capital India, Softbank, Shark Tank’s Kevin O’leary Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJPMorgan Lowers Its Bitcoin Fair Price Estimate to $38K Amidst Volatility
Leading investment bank JPMorgan has changed its view on the estimate of bitcoin"s price on a long-term basis. The institution had estimated a long-term price of $146K back in November when bitcoin was over $60K. One of the most important ... read more.Blockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank Vitalik Buterin to Use $100 Million From Crypto Relief"s SHIB Funds to Accelerate Covid Relief Efforts Visa Partners With Over 65 Crypto Platforms — Crypto-Linked Card Usage Soars Despite Price Volatility Stablecoin Issuance Surged Last Year — UST Saw the Largest 12-Month Increase