A few crypto exchanges and advocacy groups throughout numerous nations have reportedly collaborated to establish a coalition, aimed at combating market manipulation.

Specifically, market surveillance firm Solidus Labs and exchanges including Bitstamp, Coinbase, BitMEX, and CrossTower reportedly revealed their initiative of introducing the Crypto Market Integrity Coalition (CMIC), asking every entity doing business in the crypto sphere to follow their lead. 

Per the CMIC, it is reportedly compulsory for members to pledge to encourage “a fair digital asset marketplace to combat market abuse and manipulation and promote public and regulatory confidence” in the crypto market.

The group’s 17 founding members reportedly consist of US-headquartered crypto advocacy group Chamber of Digital Commerce, self-regulatory trade association CryptoUK from the UK, as well as global think tank Global Digital Finance.

Furthermore, crypto data provider CryptoCompare, Anchorage Digital – the pioneering crypto entity that successfully obtained a charter from the national bank regulator in America – and Circle, the company behind the USDC stablecoin, also took part in the coalition. 

CMIC’s pledge reportedly comes with a commitment to “maintain fair and orderly digital asset markets and prevent market abuse”. The group claimed its ultimate goal is to publish outcomes of the study it conducted into crypto, together with forming a dialogue with regulators and considering a data-sharing and shared-surveillance framework.

“Harmonizing a broad global approach to digital assets and competition in the digital currency space race can improve U.S. competitiveness, security and lower fundamental costs for basic financial access,” Circle chief strategy officer and head of global policy Dante Disparte further remarked regarding the development.