Coinbase and Ripple executives are trying to bring the cryptosector under regulatory oversight with the intention of promoting transparency and fairness in the cryptocurrency world and turning it into a mainstream technology.
Concerns about the integrity of the cryptocurrency market are a hurdle to mainstream and institutional adoption of digital assets, in addition to being a major concern for regulators.
Coinbase senior director and associate general counsel Rachel Nelson and Ripple head of global institutional markets Breanne Madigan, co-chair The Market Integrity Working Group, who seeks to help managers understand their role in promoting the industry blockchain industry and cryptocurrency.
In an official statement by the company, Coinbase senior director and deputy general counsel Rachel Nelson, in conjunction with Ripple’s head, of the global organizational market Breanne Madigan, said:
“To improve market integrity and provide consumers with the trust they deserve, Congress may need to enact laws to support the orderly and safe operation of the cryptocurrency market“.
This law may extend the authority of the Commodity Futures Trading Commission (CFTC) to include regulation and monitoring of digital commodity exchange markets.
On the 23rd of this month, a working group was formed that emphasized the issues affecting the exchange. According to the organization, state-centric rules are the main reason for the problems:
Cryptocurrency consumers and exchanges deserve a clear regulatory framework. The establishment of which will eventually enhance the integrity of the market and promote consumer acceptance of cryptocurrencies.
Both executives emphasize that new cryptocurrency exchanges are burdened with complex issues, while popular exchanges struggle against compliance standards.
The Blockchain Association says cryptocurrency exchanges hobbled by a myriad of state-by-state regulatory frameworks in the United States. As a result, new exchanges face significant barriers to entry, while existing exchanges have a hard time complying.
Read more:
- Coinbase Holds 1,000,000 Bitcoin Valued At Roughly $8.4 Billion
- Christy Ai At Boom Bust: We’re Expected To See A Major Devaluation Of Ripple’s XRP Asset