Coinbase and Ripple Working towards Removing the Hurdles to Crypto’s “Mainstream Institutional Adoption”

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The Blockchain Association has launched the Market Integrity Working Group to support the development of public policy that will ensure “the transparency and fairness of cryptocurrency markets.”

This latest initiative will be co-chaired by Ripple’s Head of Global Institutional Markets Breanne Madigan and Coinbase’s Senior Director, Associate General Counsel in Regulatory department, Rachel Nelson.

While Madigan previously worked at Goldman Sachs for more than a decade, Nelson is a former JP Morgan executive and now both the women will push for a “clear regulatory framework” in the cryptocurrency industry.

Clarity for the crypto industry

The latest working group by Blockchain Association intends to pave the way for better market integrity and confidence the customers deserve. And that can be achieved by removing the hurdles to “mainstream institutional adoption.”

“Launch of the Blockchain Association’s Market Integrity Working Group advances our mission to provide clarity to the blockchain and cryptocurrency industry,” said the Association in its official announcement last week. In order to provide clarity, the Blockchain Association says Congress may need to enact legislation to support the orderly and secure functioning of crypto markets. This could also expand the US Commodity Futures Trading Commission’s (CFTC) authority to regulate and oversee the digital exchange markets.

Clear regulatory framework needed for crypto adoption

Crypto consumers the Association argues rely on crypto trading platforms to access the markets that perform functions similar to traditional stock exchanges, private trading venues, and broker-dealers.

However, unlike these legacy players, crypto exchanges are required to follow the state-by-state regulatory framework to operate across the United States. This, in turn, creates a barrier to entry, inhibiting the uniform regulation of digital asset exchanges, and complicated compliance for the existing exchanges.

Both users and cryptocurrency exchanges it says deserve a “clear regulatory framework which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”

Working towards Industry Advancement

Launched in Sept 2018, the Blockchain Association had Digital Currency Group, Coinbase, Circle, Polychain Capital, and Protocol Labs as its inaugural members. Its mission is to advocate for the innovation and collaboration to “support the  American leadership of this industry.”

Over this time, the Washington, DC-based non-profit trade association continued to educate the industry about the regulatory advances or the lack of them.

In the second half of 2019, the Association launched several groups including Open Finance Working Group, Stablecoin Working Group, Securities Law Working Group, Custody Working Group, and Staking Working Group.

Last week, it also launched Privacy and User Data Working Group to educate the policy-making community about the privacy and security benefits blockchain applications could provide to consumers.

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