Crypto Firms Launch Coalition To Promote Market Integrity

A group of major cryptocurrency firms including Coinbase, Circle, Anchorage Digital and Huobi Global are forming a new coalition aimed at cracking down on market manipulation in an effort to instill trust in the burgeoning digital asset industry. From a report: The Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a market integrity pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors. "It really is about recognizing that you need entities that are focused on a fair and orderly system here, and really trying to prevent the abuses that can happen if you're not paying attention," said Kathy Kraninger, vice president of regulatory affairs at Solidus Labs and former director of the Consumer Financial Protection Bureau. The new alliance and pledge comes as regulators remain concerned the new market is safe for investors, despite its surge in popularity. The Securities and Exchange Commission has cited the potential for market manipulation as one of the primary reasons for rejecting several applications for spot bitcoin exchange-traded funds.

"Crypto" + "Market Integrity" = LOLOLOLOL

[nightflameauto]

That headline gives me the giggles.

And let me offer a translation here of this sentence for normie-speakers:

The Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a market integrity pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.

Crypto bros in the multi-millionaire segment of society really want to be absolutely certain that they can keep the crypto markets as safe for them to play in as the stock market currently is. We'll be working with monied institutions and governments of the world to be sure regular folks playing in it get hosed regularly, while the monied bros trying to increase their personal wealth never lose a dime, or if they do it is quickly compensated by "too big to fail" style government handouts.

Thanks for playing.

Re:

[jm007]

I swear I didn't see your post until after I submitted mine lol

but ya, same thing ;-)

Re:

[nightflameauto]

Virtual hi-fives, or jinx. Seriously, I would claim great minds think alike, but really this is just "brain function above baseline survivability" thought. These guys are too transparent.

Re:

[shanen]

I also post concurrence, but with a amused citation: Fantasyland by Kurt Andersen, attempting to explain why Americans in particular are so much like that. I'm still in the middle, but my summary would be something like "America has always attracted delusional people." Several chapters on various kinds of gold rushes and the people who rushed. I think he's planning to explain Trump's delusions at the end? (I don't like his style too much, but at least most of the chapters are pithy and short.)

translation:

[jm007]

fellow foxes, in order for us to continue exploiting the advantage we currently enjoy and not bring in the man with the gun, we must temper our rapacious raiding of the chicken coop

'Market integrity' for valueless troll-memes?

[Rick Schumann]

LOL how dumb are humans if they actually believe this shit or NFTs are worth anything at all to begin with? You can't have 'market integrity' for something that is a massive practical joke to start with. FFS people just get out of this stupid shit and forget about it already.

Re:

[SinisterEVIL]

Real money is the dollar that gets printed... it has real meaning.

Better headline:

[bistromath007]

"Crypto Firms Stand at Base of Waterfall, Attempt to Piss It Back Up"

Re:

[shanen]

Mod parent Funny and the early comment most deserving of FP.

Organised...

[nicolaiplum]

"...Planet-incinerating Ponzi grifters" (jwz).

Bitcoin, in particular, is nothing but market manipulation.

coalition?

[awwshit]

You mean like centralized organization?

Re:

[AmazingRuss]

But, like, DEcentralized

Re:

[awwshit]

Several industry players create a group that sets standards/rules and only that group has a say. But its DEcentralized? Yeah, sure, okay. Keep lying to yourself, all good.

Re: coalition?

[TuballoyThunder]

Normally there would be a perfect xkcd cartoon to link, but in this case there is a Walt Kelly cartoon that Ali think applies to this new organization: https://library.osu.edu/site/4... [osu.edu]

Universal Pet Income

[Idimmu Xul]

Is that the same Coinbase that just announced a trading pair for UPI - Universal Pet Income?

https://www.coinbase.com/price... [coinbase.com]

ethics indeed..

Re:

[nightflameauto]

Let me just say: Holy fuck. I thought we'd hit rock bottom already, but somebody clearly found a stronger shovel. That's either some serious delusion, some serious drugs, or a joke that went a little too far. Maybe some combination of all three?

Re:

[GlennC]

That's the wonderful thing about digital currency.

If you don't like the existing ones, you can make your own!

"crypto" and "integrity" do not go together

[gweihir]

They just want to keep the scam running a bit longer because it is so profitable for them.

LOL

[rootb]

In all these exchanges the majority of volume comes from fake USD (USDT) trades. Money that is created out of thin air. Not backed. Never has been. Used mostly to pump the price of BTC