Business

Gemini, Chainalysis and 11 others join the Crypto Market Integrity Coalition

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The Crypto Market Integrity Coalition, an organization formed two months ago by 17 cryptocurrency exchanges, corporations and industry associations worldwide, announced the addition of 13 new members.

The group is focused on a promise, endorsed by the members’ CEOs or Chief Compliance Officers, which reads (among other things): “We will integrate principles that uphold market integrity and market efficiency into our operational and business strategy.”

The coalition, or CMIC, was led by market surveillance firm Solidus Labs.

“To enable the promise of crypto and DeFi, we as an industry must demonstrate our commitment to address and mitigate the risks,” said Kathy Kraninger, vice president of regulatory affairs at Solidus Labs, in an introductory video. Membership is open to all industry participants.

Founding members include prominent industry players Coinbase, BitMEX, Huobi Tech, Anchorage Digital, Chamber of Digital Commerce and CryptoUK. In addition to uniting the disparate crypto groups behind their business principles, the coalition plans to advance training programs and encourage dialogue with regulators. In addition, it will consider “frameworks for data sharing and joint monitoring” among members.

New members of the coalition include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko and TRM Labs. Newly inducted Nexo said in a statement that its stake in CMIC “stands […] alongside our long-standing track record of proactive discussions with regulators worldwide, rigorous platform security procedures and a full commitment to KYC and AML processes.”

There are a number of crypto industry stakeholders. GoodFi, launched by Radix in 2021, focuses on decentralized finance education, research and best practices. It 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 launched by Square (now known as Block) in 2020. It has 33 members and maintains “a shared patent library to help the crypto community defend against patent attackers and trolls.”