The Crypto Market Integrity Coalition (CMIC) introduced the induction of eight new members, the group announced on Sept. 29. The group, which now has 38 members who’ve all taken a pledge to uphold market integrity and effectivity, describes itself as such:
“CMIC […] offers a unified voice to the crypto trade’s dedication to repeatedly bettering market integrity and collaboration with regulators.”
Based on its assertion, CMIC can be creating market integrity coaching for digital asset markets to assist compliance professionals counter manipulation.
The brand new CMIC members are digital asset belief and safety firm BitGo, crypto trade Bittrex, blockchain analytics platform Crystal Blockchain, fintech companies FinClusive and Oasis Professional Markets, Web3 danger mitigation platform Merkle Science, digital belongings platform Tokenomy and forensic companies supplier VAF Compliance.
.@FinClusiveCap is proud to affix the Crypto Market Integrity Coalition (CMIC). Trying ahead to working collectively to raise requirements and allow secure and controlled crypto development. Go to https://t.co/2suE9kovi1 to affix the hassle #CryptoMarketIntegrity
— Amit Sharma (@ASharma_VT) September 29, 2022
CMIC is the brainchild of market surveillance agency Solidus Labs. Solidus cofounder and CEO Asaf Meir stated, “Now greater than ever earlier than, it’s clear that crypto’s potential depends upon the flexibility to mitigate its new dangers and supply demonstrable market integrity.”
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The group was based in February with 17 members that included such names as Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined CMIC in April.
Solidus Labs chief working officer Chen Arad advised Cointelegraph, “CMIC doesn’t outline itself as an aspiring self-regulatory group and moderately works carefully with, and has amongst its signatories, a number of the main trade membership associations like cryptoUK, the Chamber of Digital Commerce and the International Blockchain Enterprise Council.”
The CMIC pledge reads, partly:
“We assist and search to take part in digital asset markets that display Market Integrity. […] Digital belongings and digital asset market construction could current novel types of market exercise and market manipulation. We agree to repeatedly educate ourselves as to those distinctive challenges and the right way to handle them.”