Paxos, Symbiont and others team up to establish Code of Conduct for digital asset markets

Ten leading firms in the crypto and blockchain space have teamed for a new initiative to establish a Code of Conduct for digital asset markets.

The Association for Digital Asset Markets (ADAM) is a private organization and will maintain offices in New York and Washington, D.C. It will be the first broad-based organization of its kind in the United States to proactively seek comprehensive standards for digital asset market participants.

The founding members include digital asset advisory firm BitOoda; financial services firm BTIG; crypto liquidity provider Cumberland; Galaxy Digital, a diversified merchant bank dedicated to the digital assets and blockchain technology industry; OTC cryptocurrency dealer Genesis Global Trading; GSR, a pioneer in electronic trading of digital assets; multi-asset quantitative trading firm Hudson River Trading; Paxos, the fintech company behind the Paxos Standard token (PAX) and itBit cryptocurrency exchange; blockchain startup Symbiont; and XBTO, a provider of institutional liquidity to major trading platforms and one of the world's largest and most diversified participants in the cryptocurrency markets.

According to the official release, ADAM will work with current and former regulators to establish rules for efficient trading, custody, clearing and settlement of digital assets. The objective is to accelerate fair and orderly digital asset markets.

The Code of Conduct will complement all existing law and regulation. It will include guidelines for market integrity, risk management, KYC and AML, custody, record keeping, clearing and settlement, market manipulation, data protection, and research, among other topics.

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.

“For this industry to thrive far into the future, it’s imperative that we build trust and confidence. With ADAM serving as a strong foundation, the future of digital asset markets will continue gaining adoption,” Charles Cascarilla, CEO and co-founder, Paxos, said.