As the crypto industry’s commitment to market integrity continued to grow in 2023, so to did the Crypto Market Integrity Coalition (CMIC) community - from 17 founding members in February 2022 to more than 50 signatories, from all walks of the crypto industry. Here are CMIC's highlights from 2023.
The First CMIC Policy Forum
On November 9th, 2023, a diverse group of 50 coalition members from across the globe gathered for the first CMIC Policy Forum. The forum attendees discussed pressing market integrity issues, charted out policy priorities, and developed an action plan for 2024. Roundtables included:
- I. SROs (Self-Regulatory Organizations): Evaluated the role and scenarios of potential SROs in shaping and monitoring industry standards.
- II. Feedback on Proposed Legislation in the U.S. and Importance of Innovation to U.S. Competitiveness: Discussed regulatory measures affecting the industry, examining the link between innovation and the competitiveness of the United States on the global stage.
- III. Digital Asset Market Liquidity Issues: Explored challenges and solutions related to market making practices and potential market abuse.
- IV. AML Modernization (Digital Identity) and Decentralized Finance: Delved into the evolving landscape of Anti-Money Laundering (AML) in DeFi, and how AML tools can be modernized to address new challenges.
- V. Staking and MEV Policy: Focused on regulatory and market abuse challenges facing Ethereum’s proof of stake mechanism and block building ecosystem.
- VI. Countering Fraud and Consumer Redress in Digital Asset Markets: Discussed strategies and best practices for combating fraud and providing consumer redress.
- VII. Shared Market Surveillance: Centered around information sharing and shared-surveillance frameworks to address cross-market manipulation concerns.
- VIII. Public Market Data Structure: Delved into the evolving public market data structure and how they can be advanced and standardized.
In addition, CMIC's members officially adopted the Market Integrity Code of Conduct, supporting their commitment to the principles stated in the CMIC Pledge and agreeing that, regardless of regulatory requirements, market activity should be reviewed and monitored on a reasonable ongoing basis for purposes of detecting and eliminating market manipulation and abuse. CMIC members recognize that instances of fraud and manipulation are illegal, and commit to preventing these activities to the best of their ability.
CMIC Academy: Providing Hundreds of Hours of Free Education on Market Integrity
In 2023, more than 700 crypto market integrity practitioners spent thousands of hours utilizing the CMIC academy program to advance their knowledge of crypto market integrity. CMIC academy was launched in November 2022 by the industry and for the industry: The program includes 25 educational sessions led by experts from 19 leading crypto and DeFi firms.
CMIC academy's contents are free for all to access.
Committed to Crypto and DeFi Market Integrity? Apply to Join CMIC today
Visit CMIC’s website to learn more about its mission and apply on behalf of your organization. Check out the CMIC Pledge and Code of Conduct adhered to by all members, and explore quality training content on the CMIC Academy.
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