Leading Digital Exchanges Launch Crypto Market Integrity Coalition
Founding members of the 17-strong group include Solidus Labs, Coinbase, Huobi Tech, Circle, GSR and Anchorage Digital.
Feb 7, 2022 at 7:49 p.m. UTCUpdated May 11, 2023 at 4:10 p.m. UTC
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Solidus Labs and a number of other familiar names in the crypto world have formed the Crypto Market Integrity Coalition (CMIC), which is pledging a commitment to safe markets and working with regulators.
- The launch of the CMIC is “an industry-defining pledge focused on cultivating a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence in the new asset class,” said the group in a statement.
- The CMIC said it will recruit more digital asset players to take the pledge, and plans on further steps including advanced training programs, sharing insights and research, and meeting with regulators.
- The regulatory environment continues to be front and center for crypto, with the quest for approval of an exchange-traded fund holding actual bitcoin a leading example. Among other reasons for denying spot bitcoin ETF applications, the Securities and Exchange Commission is concerned about potential market manipulation and fraud.
- “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 centralized finance (CeFi), decentralized finance (DeFi) and all digital assets, said Asaf Meir, co-founder and chief executive of Solidus Labs.
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Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.