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.”
According to them, Congress needs to enact legislation that would support and secure the order and functioning of the crypto market in order to ensure this. However, the two also believe that such legislation would be the first step to achieving wider regulation. In a continuation of their statement, they said that the legislation could increase the CFTC’s authority to include digital commodity exchange markets’ regulation and oversight.
As some may recall, the Working Group is a new organization which only launched around five days ago, on January 23rd, 2020. So far, it has already brought attention to problems that exchanges are facing, and it claims that state-specific regulations are the main issue. However, a regulatory framework on a federal level would improve market integrity, and consumer adoption of digital currencies would be encouraged properly, and in a healthy way.