CEO DATELINE - Financial services firms form digital asset association
CEO DATELINE - Financial services firms form digital asset association
- November 28, 2018 |
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Walt Williams
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Ten financial services and technology firms have formed a new association to create a code of conduct for digital asset markets—the fifth association announced this year seeking to represent the growing cryptocurrency and related blockchain technology industries.
The Association for Digital Asset Markets "will be the first broad-based organization of its kind in the United States to proactively seek comprehensive standards for digital asset market participants," according to a news release. The new group will have offices in New York City and Washington, D.C.
"Over 200 years ago, market leaders came together to draft rules that led to the creation of the New York Stock Exchange," said Duncan Niederauer, former NYSE CEO and member of the association's advisory board. "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."
The primary mission of ADAM will be to establish a code of conduct for "market integrity, risk management, KYC (know your customer) and AML (anti-money laundering), custody, record keeping, clearing and settlement, market manipulation, data protection and research, among other topics," the group said.
ADAM's announcement comes less than a month after the formation of the Digital Currency Trade Association, which has pledged to work with policymakers and regulators to develop clear guidelines for digital currency creation. The three other cryptocurrency and blockchain groups announced so far this year are the Blockchain Association, Digital Trade Asset Association and American Blockchain & Cryptocurrency Association.
ADAM's founding members include digital assets advisory firm BitOoda, financial services firm BTIG and fintech company Paxos.
The association's website is theadam.io.
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