The major players in the cryptocurrency space on Tuesday joined forces to form the Crypto Market Integrity Coalition (CMIC). The coalition, which was initiated by crypto trade surveillance and risk monitoring firm Solidus Labs, aims to make the crypto ecosystem safer, and more sensibly regulated.
The newly established organization features 17 founding members: Coinbase (NASDAQ:COIN), Circle, Huobi Tech, Anchorage Digital, BitMEX Bitstamp, Solidus Labs, GSR, CrossTower, Securrency, Crypto Compare, Elwood, Global Digital Finance, Crypto UK, Chamber of Digital Commerce, A VanEck company MVIS and Liberty City.
According to the official pledge, the coalition is focused around cultivating a fair digital asset marketplace by combating market abuse and manipulation to promote public and regulatory confidence in the new, rising asset class.
“The market integrity pledge is focused on a commitment to continuously strive towards higher standards of market integrity, risk monitoring, consumer protection and compliance, in order to maintain fair and orderly digital asset markets and prevent market abuse,” outlined Asaf Meir, co-founder and chief executive of Solidus Labs.
The coalition members agreed to work together to advance the integrity and efficient function of the digital asset markets, while making crypto services more inclusive, transparent, and productive for all consumers and market participants.
All signed parties will henceforth be working to integrate the principles of market integrity and market efficiency into their operations and business strategies.
The group invites all crypto industry members committed to advancing the market’s integrity to join the coalition.
Why You Should Care
Digital assets and the associated market structure has brought new forms of market activity and manipulation alike. Pump and dump schemes, wash trading, spoofing, layering, and front-running orders are common market manipulation techniques utilized in the crypto market, which is still maturing and is, as yet, widely unregulated and vulnerable.
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