Published: 2018-11-27 19:40:32
ADAM is a Good Boy
The body is made up of well-known crypto names. These include Galaxy Digital, BTIG, Paxos—which recently launched the PAX stablecoin—and crypto liquidity solutions provider GSR.
Looking to get on the good side of regulators, and no doubt put more of a definite shape on the cryptocurrency market, the group will work with regulators to seek “comprehensive standards” for market participants.
These standards will apply to all areas of the industry from trading, custody, clearing, and settlement and will be the framework for “ethical conduct” and “professionalism.”
Code of Conduct
According to Duncan Niederauer, former CEO of the New York Stock Exchange and ADAM Advisory Board Member, rules are vital for the success of any market:
“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.”
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Important questions remain about the specifics; who exactly will be setting the rules and who exactly will be enforcing them?
Made to complement existing laws and regulations, the code of conduct will include guidelines for “market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation, data protection, and research.”
Ten companies make up ADAM. But hundreds of companies make up the entire crypto industry. Can an entire industry adopt these ‘standards’ successfully?
Featured Image: Depositphotos/© maximsamos
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