On February 7, 2022, a group of 17 digital asset companies revealed that they formed an organization called the Crypto Market Integrity Alliance (CMIC). Well-known firms include crypto companies such as Coinbase, Circle Internet Financial, Huobi Tech, BitMEX, CryptoCompare and Solidus Labs. The newly formed group says that the alliance is “committed to a secure and intelligently regulated crypto industry.”
Leading Digital Asset Firms Launch a Crypto Market Integrity Alliance
17 crypto companies and organizations have announced the launch of an advocacy group called the Crypto Market Integrity Coalition (CMIC). The announcement of the alliance states that the newly formed organization aims to “develop a fair digital asset market” by combating market manipulation and abuse. The alliance plans to “foster public and regulatory confidence in the new asset class”.
CMIC includes firms such as Solidus Labs, Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, Crossover, BitMEX, Bitstamp, Security, Elwood Technologies, CryptoKitties, MV Index Solutions, Global Digital Finance, Chamber of Digital Commerce. Kryptok and Liberty City Ventures. In addition, the group is inviting other digital asset industry members to join CMIC.
“Through the pledge, the alliance seeks to send a clear message at this critical moment in the development of digital assets: the crypto industry has made great strides in improving market integrity over the past few years,” the CMIC announcement notes. “At the same time, crypto firms are aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to the unique challenges of crypto.”
CMIC’s tenet: ‘Public trust and investor protection are elevated through honesty’
The press release further explained that the crypto-native risk management firm, Solidus Labs, launched the new alliance. The group states in the future, the alliance will begin “training programs, sharing insights and research, communicating with regulators, and considering data-sharing and shared-monitoring frameworks.” Dante Desparte, Chief Strategy Officer and Head of Global Policy at Circle, believes that “CMIC’s pledge brings together key industry participants to advance market integrity standards.”
“A broader global approach to digital assets and the harmonization of competition in the digital currency space race can improve U.S. competitiveness, security, and lower fundamental costs for basic financial access,” Dispart said in a statement. CMIC has released a web portal and introductory video explaining what the alliance is and its plans. The CMIC website calls on industry leaders to take a pledge that includes three principles:
- Industries can advance integrity by certifying their actions to prevent manipulation and abuse.
- Public confidence and investor protection are enhanced through honesty.
- Greater integrity brings growth to the responsible crypto market.
What do you think about the recently formed CMIC and the goals of the organization? Let us know what you think about this topic in the comment section below.
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