The Crypto Market Integrity Coalition (CMIC) announced the induction of eight new members, the organization announced on September 29. The organization, which now has 38 members committed to maintaining the integrity and efficiency of the market, is described as follows:
“CMIC […] gives a unified voice to the crypto industry’s commitment to continually improve market integrity and cooperation with regulators.”
According to its statement, CMIC is also developing market integrity training for digital asset markets to help compliance professionals combat manipulation.
CMIC’s new members are digital asset security and trust company BitGo, crypto exchange Bittrex, blockchain analytics platform Crystal Blockchain, fintech companies FinClusive and risk mitigation platform Oasis Pro Markets Web3 Merkle Science, digital asset platform Tokenomy and forensic services provider VAF Compliance.
.@FinClusiveCap is proud to join the Crypto Market Integrity Coalition (CMIC). We look forward to working together to raise standards and enable safe and regulated crypto growth. Go to https://t.co/2suE9kovi1 to join the effort #CryptoMarketIntegrity
— Amit Sharma (@ASharma_VT) September 29, 2022
CMIC is the brainchild of market surveillance firm Solidus Labs. Solidus co-founder and CEO Asaf Meir said: “Now more than ever, it’s clear that crypto’s potential depends on the ability to mitigate its new risks and provide demonstrable market integrity.”
Related: BitGo Sues Galaxy Digital for Breach of Acquisition, Seeks $100M in Damages
The organization was founded in February with 17 members that included names like Coinbase, Circle, Huobi Tech and CryptoUK. A second cohort of 13 members joined the CMIC in April.
Solidus Labs COO Chen Arad told Cointelegraph: “CMIC does not define itself as an aspiring self-regulatory organization, but rather works closely with, and has among its signatories, some of the leading member associations of industry such as cryptoUK, the Digital Chamber of Commerce and the Global Blockchain Business Council.”
The CMIC commitment reads, in part:
“We support and seek to participate in digital asset markets that demonstrate market integrity. […] Digital assets and the structure of the market for digital assets may present new forms of activity and market manipulation. We agree to continually educate ourselves about these unique challenges and how to address them.”
