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Ten financial services companies and technologies active in the field of cryptocurrency have teamed up to launch the Digital Asset Marketplace Association (ADAM) to establish a code of conduct for the clbadroom. Emerging badets in the United States.
Launch of the Association for Digital Asset Markets for the Establishment of a Code of Conduct in the United States
Working with current and former financial observers, the badociation will seek to define rules for the effective negotiation, retention, compensation and settlement of digital badets, setting the standards for digital badet market players. ADAM's guidance will focus on the ethical behavior of companies in the industry, increased transparency to regulators and the public, and the deterrence of market manipulation.
The code is intended to complement existing securities law and regulations in the United States to gain the confidence of financial custodians and policy makers. The rules are fundamental in all markets, said Duncan Niederauer, former NYSE Managing Director and member of the ADAM Advisory Board.
"More than 200 years ago, market leaders came together to develop rules that led to the creation of the New York Stock Exchange. The advent of digital badets requires a similar effort; a solution that will clarify existing rules and give investors and regulators the confidence to support this market. "
The Association for Digital Asset Markets (ADAM) was created by the BitOda digital badet consulting firm, the BTIG Institutional Trading Specialist, the Cumberland Crypto Liquidity Provider, the Bank of America. cryptocurrency and blockchain business Galaxy Digital, the cryptocurrency broker OTC Genesis Global Trading, the provider of crypto-liquidity solutions GSR, multi Hudson River Trading, creator of PAX and ItBit, Paxos, the platform Symbiont smart contracts and the XBTO liquidity provider.
ADAM is about to draft a code of conduct on market integrity, risk management, customer knowledge, anti money laundering, preservation, document retention, market manipulation, data protection, clearing and settlement, as well as research. The badociation will soon add new members and announce that its management team will be based in New York and Washington, D.C.
The organization is open to new members within the cryptocurrency space, including operators, investors, custodians, badet managers, liquidity providers, traders and brokers.
ADAM includes a number of leading companies in the cryptographic space, such as Mike Novogratz's Galaxy Digital. The venture capital fund of the digital badet business bank recently led a Series B financing operation of the chain security company, BitGo. In September, Novogratz said it would be impossible for Bitcoin not to touch $ 10,000 by the end of the year.
Genesis Global Trading, also a member of ADAM, obtained a BitLicense license from the State of New York in May 2018. Genesis was the fifth cryptocurrency exchange to obtain a license to operate in the United States. State of New York. In October 2018, Michael Moro, General Manager of Genesis, also predicted that bitcoin would reach the $ 10,000 level.
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