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Gemini, Chainalysis and 11 other companies now members of the Crypto Market Integrity Coalition

 


The Crypto Market Integrity Coalition (CMIC) is an organization formed two months ago by 17 cryptocurrency exchanges, corporations and industry associations worldwide. They have now announced that 13 new members have joined.


The companies' CEOs, or Chief Compliance Officers, have signed a commitment that states, among other things: "We will integrate principles of maintaining market integrity and market efficiency into our operations and business strategy." 


The coalition was originally proposed by market surveillance firm Solidus Labs.


"To support the promise that cryptocurrencies and DeFi are making, we need a strong commitment as an industry to addressing and mitigating the risks," said Kathy Kraninger, vice president of regulatory affairs at Solidus Labs, in an introductory video . Anyone in the industry can become a member.


Founding members include prominent industry players such as Coinbase, BitMEX, Huobi Tech, Anchorage Digital, the Chamber of Digital Commerce and CryptoUK. In addition to uniting the various crypto groups behind their business principles, the coalition also wants to promote training and stimulate dialogue with regulators. In addition, "a framework for data sharing and joint monitoring" between members is being considered.


New members of this coalition now include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko and TRM Labs. New member Nexo said in a statement its membership of the CMIC "fits with our long-standing track record of proactive discussions with regulators around the world, strong platform security measures and full compliance with identity verification measures and anti-money laundering measures."


There are already quite a few crypto interest groups. GoodFi was launched in 2021 by Radix and focuses on DeFi education, research and best practices in the space. The group has 55 member organizations and hopes to get 100 million people investing at least $1 in DeFi by 2025. The Crypto Open Patent Alliance was founded in 2020 by Block (then called Square) . The group has 33 members and provides "a shared patent library to help the crypto community defend against patent attackers and trolls."

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