Crypto firms launch coalition to promote market integrity

Some of the largest names in crypto including Coinbase, Circle and Huobi Global are forming a new coalition to promote confidence in crypto markets.

The coalition, dubbed the “Crypto Market Integrity Coalition” is urging digital currency companies to sign a pledge of “market integrity.”

The pledge acknowledges the potential for fraud in the crypto market whilst emphasising the importance of protecting consumers.

“It is really about recognizing that you need entities that are focused on a fair and orderly system here and really trying to prevent the abuses that can happen if you’re not paying attention,” said Kathy Kraninger, vice president of regulatory affairs at Solidus Labs.

Risk-monitoring company Solidus Labs convened the coalition.

“Integrity is paramount to the progress and ability of our industry to continue innovating and building an infrastructure that delivers on the promise of access to financial resources for all,” said Dante Disparte, chief strategy officer and head of global policy at Circle.

Despite its popularity, regulators are concerned about the new market’s safety for investors, prompting the new alliance and guarantee. The Securities and Exchange Commission has rejected multiple applications for spot bitcoin exchange-traded funds, citing the risk of market manipulation as one of the main reasons.

The other founding members of the coalition are CrossTower, BitMex, GSR, Bitstamp, Elwood, CryptoCompare, Securrency, MV Index Solutions, the Chamber of Digital Commerce, Global Digital Finance and CryptoUK.

The coalition should help to “harmonize financial integrity standards” across market participants as many await more regulatory clarity, said Dante Disparte, chief strategy officer and head of global policy at Circle.

“Integrity is paramount to the progress and ability of our industry to continue innovating and building an infrastructure that delivers on the promise of access to financial resources for all,” he said.

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