Association for Digital Asset Markets (ADAM)

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The Association for Digital Asset Markets (ADAM)
Adam resized.jpg
Founded 2018
Key People Duncan Niederauer, Advisory Board Member; Seth London, spokesperson
Products Self-regulatory organization
Twitter @DigAssetMarkets
Website ADAM Home
Blog ADAM Blog

The Association for Digital Asset Markets (ADAM) is a self-regulatory organization for digital asset trading. Its formation was announced in late November of 2018 at Coindesk's Consensus event. It was started by several major financial services and fintech firms, including Galaxy Digital, Hudson River Trading, and Paxos. It is the first self-regulatory organization for digital assets in the United States.[1]

Overview

The creators of ADAM began the organization in order to improve the infrastructure of the digital asset markets. Its four stated objectives are to protect digital assets market participants from fraud and market manipulation, to provide clear rules and standards for digital asset trading, to encourage professionalism and good conduct, and to increase transparency.[2] One of the ways it attempts to do so is in the creation of "The Adam Code," a comprehensive code of conduct for the digital asset markets. The Code will include operational guidelines for market integrity and ethics, risk management, KYC and AML, custody, record keeping, information sharing, clearing and settlement, market manipulation, surveillance, data protection, research, and overall efficiency. ADAM is aiming to publish its first working draft of the Code sometime in 2019.[3]

Organization

ADAM will be organized as a private 501(c)6 not-for-profit organization run by a board of directors elected by its members, which consist of both crypto and institutional trading industry members, as well as independent members. The board will be responsible for the general governance of the organization, including the formation of committees to serve various functions as designated by the board of directors.[4]

References

  1. Leading Financial Firms to Create Code of Conduct for Digital Asset Markets. The Digital Journal.
  2. ADAM: Vision and Founding Principles. Association for Digital Asset Markets (ADAM).
  3. Building Trust in the Financial Markets of the Future. Association for Digital Asset Markets (ADAM).
  4. ADAM: Vision and Founding Principles. Association for Digital Asset Markets (ADAM).