Ten large financial service and technology providers in the cryptocurrency space, including Mike Novogratz’s Galaxy Digital merchant bank, have formed an association to develop rules of conduct for the nascent and still mostly unregulated industry.
The members of the new entity, called the Association for Digital Asset Markets (ADAM), will become the first organization in the US to focus on creating standards for digital asset market participants in cooperation with regulatory bodies.
“ADAM will work with current and former regulators to provide rules for efficient trading, custody, clearing, and settlement of digital assets. Future guidelines will encourage professionalism and ethical conduct by all market participants; increase transparency by providing information to regulators and the public; and deter market manipulation,” according to the
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