Solidus Labs led the effort to form the Crypto Market Integrity Coalition (CMIC), which is pledging a commitment to safe markets and working with regulators
- The launch of the CMIC is “an industry-defining pledge focused on cultivating a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence in the new asset class,” said the group in a statement.
- The CMIC said it will recruit more digital asset players to take the pledge, and plans on further steps like advanced training programs, sharing insights and research, and huddling with regulators.
- The regulatory environment, of course, continues to be front-and-center for crypto, with the quest for a spot ETF approval a leading example. Among the reasons for continued delays or rejections are the SEC’s concerns about potential market manipulation and fraud.
- “The public and regulators have made their concerns clear, and the pledge’s initial goal is to bring unity and action at an industry level, across CeFi, DeFi and all digital assets,” said Asaf Meir, cofounder and chief executive of Solidus Labs.
Read more: How Crypto’s Regulatory Scene Might Evolve in 2022