Coinbase and Ripple executives are trying to bring cryptosector under regulatory oversight with an intention to foster blockchain adoption and transform it into a mainstream technology.
Co-chairs of the Market Integrity Working Group is interested in having regulators to understand how they can support innovation in the crypto sector.
In this regard, Coinbase senior director and associate general counsel Rachel Nelson, together with Ripple’s head of global institutional markets Breanne Madigan, issued the following statement:
“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.”
Suggesting broader rules, the duo said:
“Such legislation could expand the Commodity Futures Trading Commission’s (CFTC) authority to include the regulation and oversight of digital commodity exchange markets.”
The Working Group, which was set up on 23rd of this month, highlighted the issues that affect exchanges. As per the organization, state-centric rules are the main reason for the problems:
“Consumers and cryptocurrency exchanges deserve a clear regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
Both executives stress that new cryptocurrency exchanges are burdened with complex issues while prevailing exchanges battle against compliance standards.
Nonetheless, a regulatory frame of reference would improve market fairness and promote wider public adoption of cryptos.
