The Crypto Market Integrity Coalition, an organization founded two months ago by 17 cryptocurrency exchanges, companies, and industry associations from around the world, has announced the addition of 13 new members.
The group is centered around a commitment endorsed by members’ CEOs or chief compliance officers that (among other things): “We will embed principles that uphold market integrity and efficiency into our operations and business strategy.”
The coalition, or CMIC, was spearheaded by market watchdog firm Solidus Labs.
“To realize the promise of cryptocurrencies and DeFi, we must, as an industry, make our commitment to address and mitigate risks heard”said Solidus Labs vice president of regulatory affairs Kathy Kraninger in an introductory video. Membership is open to all industry participants.
Founding members include prominent industry players such as Coinbase, BitMEX, Huobi Tech, Anchorage Digital, the Digital Chamber of Commerce, and CryptoUK. In addition to uniting the various crypto groups around its business principles, the coalition plans to promote training programs and encourage dialogue with regulators.. In addition, it will “consider sharing data and shared surveillance frameworks” among members.
New members of the coalition include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko and TRM Labs. New member Nexo said in a statement that its participation in CMIC “remains […] coupled with our long history of proactive discussions with regulators globally, strict platform security procedures, and extensive commitment to KYC and AML processes.”
There are a number of cryptocurrency industry advocacy groups. GoodFi, launched by Radix in 2021, focuses on decentralized financial education, research, and best practices. It has 55 member organizations and hopes to get 100 million people to put at least a dollar into DeFi by 2025.. The Crypto Open Patent Alliance was launched in 2020 by Square (now known as Block). It has 33 members and maintains “a shared patent library to help the cryptocurrency community defend itself against patent abusers and trolls.”
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