Coinbase and Ripple executives are developing smart rules for transparency in the cryptosphere, which are likely to facilitate implementation and become the main focus of blockchain technology. The co-chairs of the Market Integrity Working Group want regulators to understand how they can develop the crypto industry and how market integrity will be improved.
The official statement says:
“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 Market Integrity Working Group was established on January 23, 2020. It has managed to outline the possible problems of regulations that hinder the existence of cryptocurrency exchanges, their regulation and control.
The chairmen of the working group are confident that the regulatory framework will strengthen the integrity of the market and will facilitate the intensive adaptation of cryptos among consumers.
Image courtesy of Cryptotelegraph