10 Crypto Companies Get Together To Form A Code Of Conduct For Digital Asset Markets
Ten industry leaders in the financial services area have launched the Association for Digital Asset Markets (ADAM) today in an effort to establish a Code of Conduct for the new emerging markets that are appearing.
This will be the first initiative of its kind in the United States, although some other regions have similar initiatives. The idea is to proactively seek a comprehensive standard for digital asset market participants.
ADAM will be used for by regulators to form legislation. The group will be advised by people who already worked in the area and will provide rules for efficient trading, custody, clearing and the settlement of digital assets. According to the companies, the guidelines will also encourage professionalism in the industry and an ethical conduct by all the market participants.
This way, ADAM will be used to increase the trust and transparency of the market and to deter market manipulation. The Code of Conduct created by ADAM will work as a help for the current legislation and will be used to guide lawmakers. This way, the creators of ADAM intend to get the trust of the financial regulators.
According to Duncan Niedarauer, the former Chief Executive Officer of the New York Stock Exchange, which is now one of the board members of ADAM, has affirmed that the rules which will be implemented by ADAM will be important for the development of the market.
He compared the creation of ADAM to the NYSE about 200 years ago, in which market leaders also got together and created an entity that is important until today. He believes that ADAM and the Code of Conduct will be key in developing a new market that will work much better.
The founding members are:
- BitOoda (works in trade execution and market analysis);
- BTIG (institutional trading and investment banking, as well as brokerage services);
- Cumberland (global leader in institutional crypto assets);
- Galaxy Digital (bank dedicated to digital assets);
- GSR (electronic trading od digital assets since 2013);
- Hudson River TRading (global multi-asset trading firm);
- Paxos (fintech company that built the PAX stablecoin);
- Symbiont (smart contracts platform for institutions);
- XBTO (provider of liquidity for major platforms).
The Virtual Commodity Association Working Group, which is led by Gemini, a crypto exchange founded by the Winklevoss twins, was also founded recently. The group started meeting in September and it has participants like Bitstamp, Bittrex and bitFlyer USA.
Another important conglomerate is Global Digital Finance, which has Coinbase, Circle and ConsenSys.