Ten Industry’s Giants Join Forces for a New Code of Conduct Targeting Nascent Crypto Space
Ten leading financial services and technology firms have launched the Association for Digital Asset Markets to develop a Code of Conduct for the industry.
Almost every industry or professional sphere has its own code of conduct that regulates the behavior of its participants and establishes the principles that should be followed in building interaction within the space. Though the crypto industry is actively growing, it still doesn’t have anything like this. Nevertheless, it is expected that this gap will be filled quite soon.
Association for Digital Asset Markets
As it has been revealed, a group of 10 financial and tech giants have taken a decision to join their forces with a view to create a new organization. The recently launched group is called the Association for Digital Asset Markets (ADAM) and its main aim is to standardize a Code of Conduct for emerging digital asset markets.
The group of ADAM’s founding members includes such prominent names as crypto merchant bank Galaxy Digital, international financial services company BTIG, fintech startup Paxos as well as Genesis Global Trading, Hudson River Trading, Symbiont, BitOoda Technologies, BTIG, Cumberland and XBTO.
Nevertheless, it is planned that in the nearest future the association will welcome new members and will appoint its officers. Currently, the organization invites all players of the crypto market, including operators, investors, custodians, asset managers, liquidity providers, traders, and brokers, to join it.
At the very beginning of its functioning, ADAM will operate its offices in New York and Washington, D.C.
ADAM’s Mission
The Association for Digital Asset Markets views its mission in the development of the industry’s Code of Conduct in full compliance with the currently existing laws and regulation. That’s why the association plans to cooperate with regulators in order to ensure that its newly created rules will be effective for the market.
It is strongly believed that new guidelines that are to be presented will help to increase the level of transparency within the industry, support ethical and high-professional conduct of all the industry’s players, and prevent manipulations on the market.
ADAM Advisory Board Member, Duncan Niederauer, who earlier worked for the New York Stock Exchange as its Chief Executive, commented their new initiative the following way:
“Rules are fundamental to the development of any market. Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange. The advent of digital assets requires a similar effort; one that will clarify existing rules and give both investors and regulators the confidence necessary to sustain this market. I applaud the firms leading the ADAM initiative and look forward to advising them on standards that will enable this market to thrive.”
It is expected that ADAM’s members will elaborate comprehensive guidelines for all the aspects and issues of the crypto industry, including but not limited to market integrity, risk management, KYC and AML, data protection, record keeping, clearing, and settlement.
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