The Blockchain Association which represents some of the biggest names in the cryptocurrency industry announced the launch of a new Market Integrity Working Group. The group is tasked with the responsibility of ensuring fairness, equity and accountability in the crypto space. It will be co-chaired by senior executives of both the well-known blockchain firm Ripple and the Coinbase crypto exchange.
The new group will be headed by Rachel Nelson, the senior director and associate general at Coinbase and Breanne Madigan, the head of the global institutional market at Ripple.
Today we’re launching an important working group: Market Integrity.
The group will work to support public policy that ensures the transparency and fairness of cryptocurrency markets.
More here: https://t.co/0swZo6rBCZ
— Blockchain Association (@BlockchainAssn) January 23, 2020
Bitcoin and Altcoins Under-Regulated in the United States
The Blockchain Association unites a number of prominent names in the crypto industry, including Circle and Polychain Capital, among others.
The Association has made it clear that the crypto space is still largely under-regulated in the United States and as such, problems regarding market manipulation, false data and a host of other vices are still prevalent in the industry. As a result, this prevents digital assets from getting much-needed recognition from real-time players in the financial world.
These issues are still a major concern for regulatory agencies like the Security and Exchange Commission (SEC) and a major reason why the commission is reluctant to approve any Bitcoin exchange-traded fund (ETF) until the industry can rid itself of any negäive vibe, especially constant market manipulation and price volatility.
The Association explained:
“Consumers and cryptocurrency exchanges deserves a regulatory framework, the establishment of which would ultimately enhance market integrity and drive consumer adoption of cryptocurrencies.”
Ripple Performance on the Rise
Despite being criticized for being a centralized platform, Ripple remains one of the blockchain projects doing its best to accelerate the broader adoption of the revolutionary blockchain technology.
Earlier in August 2019, Coinspeaker reported that PNC Financial Services had joined Ripple’s cross-border payments network, RippleNet, making it the first financial institution in the United States to adopt the blockchain solution. However, it is far not the only partner of Ripple today.
It’s worth noting that Ripple’s blockchain solutions have been adopted by more than 200 banks and financial institutions across the world, including Spanish Banco Santander. The bank has also hinted recently that its making plans to expand its Ripple-based payments and remittance services to Latin America.
Just yesterday reports emerged that Ripple secured the largest funding from investors in 2019, as compared to other projects, a strong indication that the crypto big whales firmly believe in the San Francisco-based company.
While the future may look quite bright for Ripple, the same cannot be said of XRP which widely used in its solutions. The cryptocurrency saw a massive 80% decline in sales in Q3 2019, however, the firm has stated categorically that it deliberately paused the sales of XRP to focus more on its OTC endeavors.
At press time, the XRP price is down by 1.45% in the 24-hour timeframe, at $0.2210 with a market capitalization of $9.66 billion.
Author Osaemezu Ogwu is a cryptocurrency journalist with several years of experience in the crypto-verse.