Seventeen major cryptocurrency companies have formed the Crypto Market Integrity Coalition (CMIC) to interact with regulators and develop a fair market.
Solidus Labs, Coinbase, Huobi Tech, Circle, GSR, Anchorage Digital and 11 other leading crypto companies created the Crypto Market Integrity Coalition (CMIC). Among the main goals of the new organization are stated to be:
- developing a fair market for digital assets;
- combating market abuse and manipulation;
- promoting public confidence in digital assets;
- interacting with regulators.
The Coalition expects new companies willing to make certain commitments to join the CMIC. The organization also plans to launch professional development programs, share best practices and future research, and develop a regulatory environment for cryptocurrency firms.
One of the reasons for creating the CMIC is the U.S. Securities and Exchange Commission’s (SEC) denial of approval to issue a Bitcoin ETF and accompanying comments expressing the regulator’s concerns about potential market abuse and manipulation.
The CMIC statement quotes Asaf Meir, chief executive of Solidus Labs, as saying:
“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.”