A pair of executives at Ripple and Coinbase are leading a new push for smart regulations that foster transparency and fairness in the world of cryptocurrency, driving mainstream adoption.
The Market Integrity Working Group, co-chaired by Coinbase senior director and associate general counsel Rachel Nelson and Ripple head of global institutional markets Breanne Madigan, seeks to help regulators understand their role in advancing the blockchain and cryptocurrency industry.
“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.
Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”
The Blockchain Association, which is behind the new working group, says cryptocurrency exchanges are hobbled by a myriad of state-by-state regulatory frameworks in the US. As a result, new exchanges encounter significant barriers to entry, while existing exchanges have a hard time remaining compliant.
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
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