A new crypto trading alliance known as the Association for Digital Asset Markets (ADAM) has just released its code of conduct. The alliance has also accepted some new members recently, too.
This association, which includes prominent companies such as Genesis Global Trading, Hudson River Trading, and Galaxy Digital, now has Anchorage, CMT Digital, BlockFi, BitGo and Tagomi among its members.
ADAM was formed around a year ago and the main objective of the association is to set the standards that will be followed in the market. The crypto market already exists for around ten years, so it is the time to move it forward and to start self-regulation an industry that is often criticized for not being cooperative with regulators.
According to the official statements made by the alliance, the group will contact federal regulators in the U. S. and solicit their feedback before going forward with the new code of conduct.
As soon as the code is signed by the members, though, they are all expected to follow it without exception. Any violation of the code will be judged by a board and it may result in permanent removal from the group, according to Dan Burstein, the general counsel of Paxos, which also belongs to the initiative.
The topics of the code include several areas such as security and market ethics, as well as how to keep custody of crypto assets, an important topic in an age when so many exchanges are hacked. Other important topics include transparency, which is one of the subjects that most regulators criticize the industry for lacking.