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Two executives at Coinbase and Ripple are leading a push for smart regulations and transparency in the crypto-sphere that would arguably drive adoption and take blockchain technology mainstream.
Market integrity must improve
The Market Integrity Working Group’s co-chairs want regulators to grasp how they can advance the cryptocurrency industry. In an official company statement, Coinbase senior director and associate general counsel Rachel Nelson, in conjunction with Ripple’s head of global institutional markets Breanne Madigan, wrote:
“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”
Projecting wider regulations, they added:
“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”
The need for a regulatory framework
The Working Group, which officially launched on Jan. 23 2020, outlined the problems that saddle exchanges. According to this organization, state-specific regulations are to blame:
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
The co-chairs argue that new exchanges face byzantine burdens while existing exchanges struggle against compliance requirements. But a regulatory framework would bolster market integrity and encourage consumer adoption of cryptocurrencies.
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