The Association for Digital Asset Markets (ADAM), a private network of firms including Cumberland, Digital Galaxy, and Paxos, today published its Code of Conduct, which informs market participants on best practices for the crypto industry.
It’s all part of an effort to “define and promote ethical conduct “ in the industry.
ADAM also announced five new members: Anchorage, BitGo, BlockFi, CMT Digital, and Tagomi.
The ADAM code, developed with input from industry players, former regulators, legal advisors, and academics, will define professional standards in compliance and risk management; market ethics; conflicts of interest; transparency and fairness; and a host of other market integrity and regulator matters.
“Our Code has been developed to complement existing law and regulation, and establishes standards designed to earn the long-term trust of institutions, consumers, financial regulators, and policymakers,” said Charles Cascarilla, CEO and co-founder of Paxos, an ADAM founding member.
ADAM said it has also engaged with state and federal regulators, as well as policymakers, to keep them in the mix.
“As digital asset markets continue to develop in size and stature and become ever more enmeshed in capital markets, it is important for us and our peers to level the playing field and establish the high standards and operating protocols deserving of this promising and innovative asset class,” said Philippe Bekhazi, CEO of XBTO Group, also an ADAM founding member.
Of course, since this is just designed to “complement, not replace, existing regulation,” there’s no assurance that anyone in the industry will actually listen. But it’s a start.