The cryptocurrency industry is responding to the best-practices advocacy group’s call for a fair, stable and regulated market.
The Crypto Market Integrity Coalition, or CMIC, an organization founded two months ago by 17 cryptocurrency exchanges, firms and industry associations worldwide, announced that 13 new members have joined.
The group is centered around a pledge endorsed by members’ CEOs or chief compliance officers that, among other things, “We will integrate principles that uphold Market Integrity and Market Efficiency into our operations and business strategy.”
The coalition was spearheaded by market surveillance firm Solidus Labs.
“To enable the promise of crypto and DeFi, we must as an industry be vocal about our commitment to address and mitigate the risks,” Solidus Labs vice president of regulatory affairs Kathy Kraninger said 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 Chamber of Digital Commerce and CryptoUK. Besides uniting the disparate crypto groups behind its business principles, the coalition plans to advance training programs and encourage a dialog with regulators. In addition, it will “consider data-sharing and shared-surveillance frameworks” among members.
New members of the coalition include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko and TRM Labs. New inductee Nexo said in a statement that its involvement with CMIC “stands […] alongside our longstanding track record for proactive conversations with regulators globally, stringent platform security procedures, and extensive commitment to KYC and AML processes.”
There are a number of crypto industry advocacy groups. GoodFi, launched by Radix in 2021, focuses on decentralized finance (DeFi) 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 crypto community defend against patent aggressors and trolls.”