A group of 17 companies, including Coinbase, Huobi Tech, BitMEX, Bitstamp, and Securrency, have launched a new group called the “Crypto Market Integrity Coalition” (CMIC) to make the general crypto market a safe space to conduct business.
CMIC plans to work with regulators and hold open discussions on different aspects of the cryptocurrency sector. “Crypto businesses are acutely aware of the concerns that still need to be addressed and are committed to collaborating with regulators to advance solutions to cryptocurrency’s unique challenges,” the CMIC group said in a statement.
According to CMIC, the coalition would work to promote public and regulatory confidence in the new asset class. It will also cultivate a fair market for digital assets by overcoming market exploitation and promoting market integrity.
To ensure the development and implementation of best practices and standards, the newly formed group claims to be committed to a sensibly regulated and secure crypto industry. The coalition will initiate training programs, share knowledge and research, dialogue with regulators, and consider future data-sharing and surveillance frameworks.
“The initial goal of the pledge is to bring unity and action at the industry level, across CeFi (centralized finance), DeFi (decentralized finance), and all digital assets,” said Asaf Meir, co-founder and CEO of Solidus Labs.
Other crypto firms that have joined the coalition include GSR, Anchorage Digital, Crosstower, Bitstamp, Securrency, Elwood Technologies, MV Index Solutions, Global Digital Finance, the Digital Chamber of Commerce, CryptoUk, and Liberty City Ventures. The group is also inviting other digital asset companies to come and join the CMIC.