Former NYSE CEO To Head Up Crypto Code Of Conduct Group

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The digital currency market took another step toward shoring up
its reputation on Tuesday with the announcement that a group of
crypto-related and financial firms have joined forces to create an
industry code of conduct.

The Association for Digital Asset Markets (ADAM) will provide
rules for trading, custody and settlement of digital assets, like
bitcoin BTCUSD, +0.78% with guidelines encouraging ethical
conduct and increasing market transparency by participants to
both the public and regulators.

“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,” said Duncan
Niederauer, ADAM advisory board member and the former CEO of
the NYSE in a news release.

“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. I applaud the firms
leading the ADAM initiative and look forward to advising them on
standards that will enable this market to thrive.”

Members of the group include cryptoasset trading firm
Cumberland, Galaxy Digital and Genesis Global Trading, a
subsidiary of Digital Currency Group.
The integrity of the nascent market has become a significant
roadblock in its quest for widespread adoption. From exchange
hacks to initial-coin-offering scams , the maturation of digital
assets has move in fits and starts. To date, industry watchdogs
have yet to agree on a robust regulatory approach to policing the
nascent industry.

Seth London, a spokesman for ADAM, said it is important for the
market to set standards.
“Any market that doesn’t have clear rules or uniform
understanding of how those rules apply is bound to be
manipulated. We are aware of current market conditions and
believe it’s essential to inculcate a higher standard of integrity,”
he said.

London said ADAM has had initial conversations with key
regulators in the U.S., which will continue as the firm gets under
way, adding “there is broad-based support among governments
and within governments for facilitating an industry consensus on
the hard questions related to what the rules ought to be in these
markets.”

In February, a group of seven cryptocurrency-related firms joined
forces to create a similar type industry-led body in the U.K.,
CryptoUK, which markets itself as a trade association that outlines
a code of conducts for industry players hoping to “improve
industry standards and engage policymakers.”

Source : https://www.marketwatch.com