17 Western companies have form

Solidus Labs, together with 16 cryptocurrency companies and exchanges, has formed a coalition whose main task is to strengthen trust in the industry of governments and society. The developer of risk monitoring software Solidus Labs has announced the creation of the Crypto Market Integrity Coalition (CMIC). The participants of the alliance were trading platforms Coinbase, Bitstamp and BitMEX, as well as Circle Internet Financial, GSR, Huobi Tech, Anchorage Digital, CrossTower, Securrency, Elwood Technologies, CryptoCompare, MV Index Solutions, Global Digital Finance, Liberty City Ventures, as well as The Chamber of Digital Commerce and CryptoUK associations. The main reason for the creation of the alliance is the concern of US regulators about the development of the digital asset market and the desire of American investors to gain access to bitcoin through cryptocurrency ETFs. The US Securities and Exchange Commission (SEC) has repeatedly rejected applications from companies wishing to launch exchange-traded funds linked to bitcoin. The agency motivates its actions by the fact that these new investment products will create a favorable ground for market manipulation. "If it is difficult for regulators to develop specific rules for overseeing the industry, they need to create an organization themselves that will focus on streamlining the system. This will help prevent manipulation in the digital asset market," explained Kathleen Kraninger, Vice President of Regulatory Affairs at Solidus Labs, former director of the US Consumer Financial Protection Bureau. Dante Disparte, head of the International Policy Development Department at Circle Internet Financial, said that CMIC will help establish standards that will become the "golden mean" between regulating cryptocurrencies and protecting the interests of users. This will help, argues Disparte, to create an infrastructure that will provide access to digital assets to anyone. CMIC participants are going to work on transparency of data exchange between cryptocurrency exchanges and companies. The main goal is to increase the interest of governments and the public in the industry, representatives of the alliance say. Recall that in 2020, the Polkadot network and the Chainlink oracle provider joined forces to develop the decentralized finance industry. In the same year, Microsoft, IBM and Hyperledger formed the non-profit organization InterWork Alliance to create international standards for tokenized ecosystems.