A group of 17 companies including Coinbase, Huobi Tech, BitMEX, Bitstamp and Securrency have formed a new group called the Crypto Market Integrity Coalition (CMIC) to make the entire crypto market a safe space for doing business.
CMIC plans to work with regulators and have open discussions on various aspects of the crypto sector. “Crypto firms are acutely aware of concerns that remain to be addressed and are committed to working with regulators to develop solutions to crypto’s unique challenges,” the CMIC group said in a statement.
According to CMIC, the coalition would work to boost public and regulatory confidence in the new asset class. It will also maintain a fair marketplace 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 is committed to a safe and reasonably regulated crypto industry. The coalition will initiate training programs, share insights and research, engage in dialogue with regulators, and consider frameworks for data sharing and joint monitoring in the future.
“The initial goal of the pledge is to bring about industry-level unity and action across CeFi (centralized finance), DeFi (decentralized finance) and all digital assets,” said Asaf Meir, co-founder and chief executive of Solidus Labs.
Other crypto companies that have joined the coalition include GSR, Anchorage Digital, Crosstower, Bitstamp, Securrency, Elwood Technologies, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, CryptoUk, and Liberty City Ventures. The group also invites other digital asset firms to come along and join the CMIC.