A new working group with the primary goal of achieving enhanced transparency and smart regulations in the crypto space was established last January 23. Rachel Nelson, a senior director at Coinbase, and Breanne Madigan, chief of global institutional markets at Ripple, are the two leading members of the organization.
Dubbed the Market Integrity Working Group, this organization aims to show crypto regulators in the United States that there are plenty of ways to make the industry safer and more reliable not only to well-experienced players but also to ordinary people. They stressed that the absence of clear regulatory framework is one of the main reasons that hinder Blockchain and crypto technology from being adopted globally.
In an official statement, Nelson said that the US Congress should enact crypto legislation that would present the industry as a market with integrity. With secure and orderly infrastructures and regulations in place, the group noted that consumers would feel more confident in dealing with the market.
Aiming for more comprehensive legislation, the newly-formed organization also emphasized the issues that are hurting crypto exchanges. First on the list are the regulations that are specific to a single state. Such varying standards from one place to another are notably one of the main reasons why there is always room for doubts and confusion. Crypto exchanges struggle to comply with requirements that seem to change from time to time.
The group also mentioned that Congress could broaden the perimeter of the Commodity Futures Trading Commission (CFTC) in terms of regulating and monitoring the exchange markets for digital commodities.