In an attempt to increase regulatory standards for the fast-emerging cryptocurrency supporters in the United States, ADAM is proposed to hit the market soon. ADAM represents the Association for Digital Asset Market, which is a joint effort of ten financial and technology firms active in cryptocurrency arena.
ADAM to foster better security for crypto users
The prestigious association will work in collaboration with the current and former financial regulatory organizations to come up with a code of conduct for anyone who deals in cryptocurrency in the country. It will provide the necessary rules for the industry concerning trading, custody, clearing, and settlement of these digital assets. ADAM’s guidelines will force the cryptocurrency firms to behave ethically. The regulations will promote transparency for regulatory bodies and the public. It will also restrict market manipulation.
The highly-anticipated code of conduct intends to augment the existing financial laws and regulations concerning the digital currency in the country. The association will work to earn the trust of financial watchdogs and policymakers. Duncan Niederauer, member of the ADAM advisory board, on speaking about the association emphasized that rules are crucial for the proper functioning of any market.
Members of Association For Digital Asset Markets
Some of the members of the Association for Digital Asset Markets include digital asset advisory firm BitOda, cryptocurrency-concerned bank Galaxy Digital, smart contracts firm Symbiont, liquidity provider XBTO, etc.
ADAM will frame out an efficient draft dealing with rules concerning market integrity, risk management, anti-money laundering, data protection, clearing and settlement of transactions, record keeping, and research in the crypto field. The association will add new members to its potential team and will make public its New York and Washington D.C based executive team.
Within the cryptocurrency domain, the organization is open for new members such as operators, investors, custodians, asset managers, traders, brokers, and liquidity providers.
ADAM is the proud association of several high-profile and prestigious firms belonging to the cryptocurrency arena. One such part of the organization is Mike Novogratz’ Galaxy Digital. Recently the mercantile bank made headlines when its venture capital fund led a Series B funding round of BitGo. Earlier in September, the cryptocurrency proponent made the heads turn with his statement concerning Bitcoin. He said that it would be nearly impossible for Bitcoin not to reach the $10,000 mark.
Genesis Global Trading
Another important member of Association for Digital Asset Markets is Genesis Global Trading which was also the fifth cryptocurrency exchange to be bestowed upon with a BitLicense to operate its business in the state of New York. In October 2018, the exchange chief executive Michael Moro also claimed that Bitcoin would reach the $10,000 level soon.