On February 7, 2022, a group of 17 digital asset companies revealed they formed an organization called the Crypto Market Integrity Coalition (CMIC). The well-known firms include crypto companies like Coinbase, Circle Internet Financial, Huobi Tech, Bitmex, Cryptocompare, and Solidus Labs. The newly formed group says the coalition is “committed to a safe and sensibly-regulated crypto industry.”
Leading Digital Asset Firms Launch a Crypto Market Integrity Coalition
17 crypto companies and organizations have announced the launch of an advocacy group called the Crypto Market Integrity Coalition (CMIC). The coalition’s announcement says the newly formed organization aims to “cultivate a fair digital asset marketplace” by combating market manipulation and abuse. The coalition plans to “promote public and regulatory confidence in the new asset class.”
CMIC consists of firms such as Solidus Labs, Coinbase, Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, Crosstower, Bitmex, Bitstamp, Securrency, Elwood Technologies, Cryptocompare, MV Index Solutions, Global Digital Finance, the Chamber of Digital Commerce, Cryptouk, and Liberty City Ventures. Furthermore, the group is inviting other digital asset industry members to join the CMIC.
“Through the pledge, the coalition seeks to send an unequivocal message at this critical moment in the evolution of digital assets: The crypto industry has made enormous strides to improve market integrity in the past few years,” the CMIC announcement notes. “At the same time, crypto firms are keenly aware of the concerns that still need to be addressed, and are committed to engaging with regulators to advance solutions to crypto’s unique challenges.”
CMIC’s Principle: ‘Public Confidence and Investor Protection Are Elevated Through Integrity’
The press release further details that the crypto-native risk management firm, Solidus Labs, initiated the new coalition. The group explains in the future, the coalition will initiate “training programs, sharing insights and research, dialoguing with regulators, and considering data-sharing and shared-surveillance frameworks.” Dante Disparte, the chief strategy officer and head of global policy at Circle believes “CMIC’s pledge brings leading industry participants together to advance market integrity standards.”
“Harmonizing a broad global approach to digital assets and competition in the digital currency space race, can improve U.S. competitiveness, security and lower fundamental costs for basic financial access,” Disparte said in a statement. CMIC has released a web portal and introductory video explaining what the coalition is and what it plans to do. The CMIC website calls industry leaders to take the pledge which consists of three principles:
- Industry can drive integrity by attesting to their actions to prevent manipulation and abuse
- Public confidence and investor protection are elevated through integrity
- Greater integrity brings responsible crypto market growth.