Association for Digital Asset Markets (ADAM)

From CryptoMarketsWiki
Jump to: navigation, search
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 Invest NY 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 said they began the organization 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, provide clear rules and standards for digital asset trading, encourage professionalism and good conduct, and increase transparency.[2]

ADAM is organized as a private 501(c)6 not-for-profit organization run by a board of directors elected by its members. There are eleven members: BitGo, BitOoda, BTIG, Cumberland, Galaxy Digital, Genesis Global Trading, GSR, Hudson River Trading, Paxos, Symbiont, and XBTO. There are also four associate members: Anchorage, BlockFi, CMT Digital, and Tagomi.[3]

The board is 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]

ADAM Code

The ADAM Code was published on November 12, 2019 in conjunction with CoinDesk's Invest NY conference in New York City. The twelve-page document addresses in separate sections the following eight topics: compliance and risk management, market ethics, conflicts of interest, transparency and fairness, market integrity, custody, information security and business continuity, and anti-money laundering. Members of the association are expected annually to sign a statement committing themselves to conduct their cryptocurrency business consistent with the Code.[5]


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. ADAM Members. ADAM.
  4. ADAM: Vision and Founding Principles. Association for Digital Asset Markets (ADAM).
  5. Code of Conduct. Adam.