Gemini, Chainalysis, and 11 Others Join Crypto Market Integrity Coalition

The Crypto Market Integrity Coalition (CMIC), an organization formed two months ago by 17 cryptocurrency exchanges, companies and industry associations around the world, announced the addition of 13 new members.

At the heart of this organization is a commitment, endorsed by a member's chief executive officer or chief compliance officer, which includes: "We will integrate the principles of maintaining market integrity and market efficiency into our operations and business strategy."

CMIC is led by market surveillance firm Solidus Labs.

“In order to realize the promise of crypto and DeFi, we as an industry must make it clear that we are committed to addressing and mitigating risk,” Kathy Kraninger, vice president of regulatory affairs at Solidus Labs, said 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 bringing disparate crypto organizations together in support of its business principles, the alliance plans to advance training programs and encourage dialogue with regulators. In addition, it will "consider data sharing and shared monitoring frameworks between member states".

New members of the alliance include Gemini, Robinhood Markets, Chainalysis, Elliptic, Kaiko, and TRM Labs. New entrant Nexo said in a statement that its partnership with CMIC "is consistent with our long-standing record of active dialogue with global regulators, rigorous platform security procedures, and extensive commitment to KYC and AML processes."

There are currently a number of crypto industry advocacy groups. 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 to invest at least one dollar in DeFi by 2025. The Crypto Open Patent Consortium was launched in 2020 by Square (now known as Block). It has 33 members and maintains "a shared patent repository to help the crypto community defend itself against patent attackers and malicious attackers."