The Crypto Market Integrity Coalition, an organization founded two months ago by 17 cryptocurrency exchanges, companies and industry associations around the world, declare 13 new members have joined.
This group is centered around a oath approved by a member CEO or chief compliance officer who (among other things): “We will incorporate principles that support Market Integrity and Market Efficiency into our business operations and strategy.”
The coalition, or CMIC, is led by market surveillance firm Solidus Labs.
“To live up to the promise of crypto and DeFi, we need to be an industry vocal about our commitment to addressing and mitigating risk,” said Solidus Labs vice president of regulatory affairs Kathy Kraninger said in the introductory video. Membership is open to all industry participants.
Founding member including well -known industry players Coinbase, BitMEX, Huobi Tech, Anchorage Digital, Digital Chamber of Commerce and CryptoUK. In addition to bringing together different crypto groups behind business principles, the coalition plans to develop training programs and encourage dialogue with regulators. In addition, it will “assume a shared data collaboration and oversight framework” among members.
New members of the coalition include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko and TRM Labs. Nexo’s new inductee said in a statement of involvement with CMIC ”stands […] along with a long track record of proactive conversations with global regulators, strict platform security procedures, and an extensive commitment to KYC and AML processes.
There are several crypto industry advocacy groups. GoodFi, launched by Radix in 2021, focus on decentralized finance education, research and best practices. It has a 55 member organization and hopes to get 100 million people to put at least a dollar into DeFi by 2025. Crypto Open Patent Alliance launched in 2020 by Square (now known as Block). It has 33 members and maintains a “shared patent library to help the crypto community defend patent attackers and trolls.”
