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Major crypto businesses and groups form’market integrity’ alliance

“Unifying a wide global approach to digital assets and competition in the digital currency space race can increase US competitiveness, security, and cut fundamental costs for basic financial access,” said Circle’s Dante Disparte.

Several cryptocurrency exchanges and advocacy organisations from around the world have joined forces to form a coalition to combat market manipulation.

Market monitoring business Solidus Labs and exchanges Bitstamp, Coinbase, BitMEX, and CrossTower announced the establishment of the Crypto Market Integrity Coalition, or CMIC, on Monday, urging all other companies participating in the crypto field to follow their lead. Members must agree to promote “a fair digital asset marketplace to combat market abuse and manipulation and foster public and regulatory confidence” in cryptocurrency, according to the CMIC.

Chamber of Digital Commerce, a crypto advocacy group based in the United States, CryptoUK, a self-regulatory trade organisation based in the United Kingdom, and international think tank Global Digital Finance are among the group’s 17 founding members. In addition, CryptoCompare, the first crypto firm to get a charter from the US national bank authority, and Circle, the company behind the USDC stablecoin, have joined the coalition.

“Maintain fair and orderly digital asset markets and avoid market misuse,” according to CMIC’s pledge. The group stated that it intended 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.

“Unifying a wide global approach to digital assets and competition in the digital currency space race can increase U.S. competitiveness, security, and cut fundamental costs for basic financial access,” said Dante Disparte, Circle’s chief strategy officer and head of global policy. “The CMIC promise brings together prominent industry players to enhance market integrity standards.”

The commitment requires members to agree to the following, according to the CMIC website:

“Market activity should be assessed and monitored on a reasonable ongoing basis for the objectives of discovering and removing market manipulation and unfair market abuses, regardless of legislative restrictions.” Fraud and manipulation are clearly illegal, and we will do everything we can to avoid them.”

Other alliances of crypto companies and industry leaders have been formed to address issues in mainstream adoption and between regulators. Square — now Block — launched a partnership in September 2020 to “fight against patent aggressors and trolls” by pooling crypto- and blockchain-related patents. Chainlink, Aave, Messari, and others formed the GoodFi partnership in February 2021 to focus on decentralised finance education and research.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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