Ripple and Coinbase to Push for “Clear Regulatory Framework” for Crypto Industry
- Blockchain Association launches a group to support the development of public policy
- The mission is to boost market integrity and encourage user acceptance of cryptos
The Blockchain Association announced the launch of the Market Integrity Working Group last week to support the development of public policy that “ensures the transparency and fairness of cryptocurrency markets.”
Launched in Sept. 2018, Coinbase, Protocol Labs, Circle, Digital Currency Group, and Polychain Capital joined the association as its inaugural members. The latest initiative meanwhile will be co-chaired by the Head of Global Institutional Markets at Ripple, Breanne Madigan, and the Sr Director, Associate General Counsel, Regulatory at Coinbase, Rachel Nelson.
The Blockchain Association as a whole advocate for the innovation and collaboration to “support the American leadership of this industry.”
Bringing Clarity To The Cryptocurrency Industry
The latest working group intends to remove the hurdles to mainstream institutional adoption of digital assets that is the integrity of crypto markets. The Association states,
“Launch of the Blockchain Association’s Market Integrity Working Group advances our mission to provide clarity to the blockchain and cryptocurrency industry.”
For this, the Blockchain Association says Congress needs to back the systematic and safe function of crypto markets through legislation, that could expand the CFTC’s authority to cover the same of exchange markets.
It argues that consumers rely on exchanges to access the virtual currency markets much like traditional stock exchanges, broker-dealers, and private trading venues.
However, these crypto exchanges are required to follow the state-by-state regulatory framework to perform throughout the U.S. that those legacy players do not. As a result, creating a barrier to entry, complicated compliance for existing exchanges and inhibiting the uniform regulation of cryptocurrency exchanges. Consumers and crypto exchanges say they deserve a,
“clear regulatory framework which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”