WASHINGTON, April 22, 2021 /PRNewswire/ -- Today, the Association for Digital Asset Markets (ADAM) announced its diverse membership is growing substantially with a large slate of new members and strategic partners that will help to further ADAM's mission to define and promote ethical conduct by global digital asset market participants.
ADAM is the industry's leading standard-setting association, seeking to build a stronger and more efficient digital assets marketplace. With a broad-based membership structure modeled after a self-regulatory organization, every member of ADAM agrees to adhere to the ADAM Code of Conduct, a set of global principles that promotes integrity, fairness, and efficiency in digital asset markets, complements existing regulation, and is widely accepted as the global market standard.
Eventus Systems, Fireblocks, FTX.com, FTX.us, Grayscale, Multicoin Capital, Oasis Pro Markets, WisdomTree, and Dunamis Trading have joined ADAM as new members, while Morgan Lewis, DLA Piper, and DLx Law have joined as strategic legal partners. Genesis Global Trading, XBTO Group, and Symbiont were re-elected to ADAM's Board of Directors, and ADAM now welcomes Anchorage Digital as a new Board member.
"ADAM's diverse membership has a growing roster that includes some of the most well-respected firms in the industry committed to the highest forms of ethical market conduct. This new slate of members and strategic partners not only reflects rapid growth within the industry, but also represents the earnest interest of a diverse number of organizations to promote orderly, fair, and ethical participation in digital asset markets," said ADAM CEO Michelle Bond. "As digital asset markets—and the regulatory environment surrounding them—rapidly evolve, ADAM will continue working with its members and partners to further advance our Code of Conduct, which outlines best practices that promote integrity, fairness, and efficiency in digital asset markets."
"We are proud to join forces with ADAM to continue building trust and confidence with our customers, and to cast a vision for a fairer and more flourishing digital asset marketplace," said Sam Bankman-Fried, CEO and Founder of FTX. "As we see rapid growth in the industry, the principles we adopt now can help pave a path to more ethical, orderly digital asset markets where all participants play by the same set of rules and have the opportunity to thrive."
"Paxos is proud to be part of this expanding group of digital asset participants that are setting the standard for market integrity. As we at Paxos focus on building the innovative technology and infrastructure needed to unleash the possibilities of digital assets and to enable this technology for all market participants, we are excited to see more companies join the growing movement to proactively adopt industry standards that promote market integrity," said Charles Cascarilla, CEO & Co-Founder of Paxos.
ADAM's continued membership growth comes amid a pivotal time for both the industry and the Association. Over the last several months, ADAM has met with global financial regulators and other policymakers to share its Code of Conduct, penned several comment letters on the FinCEN unhosted wallet rule and other significant rulemaking initiatives, and hosted events focused on advancements and developments in the digital asset space, including a roundtable with SEC Commissioner Hester Peirce, a Fireside Chat with former Under Secretary of Treasury for Terrorism and Financial Intelligence Sigal Mandelker, and another Fireside Chat on Market Surveillance with Eventus' CEO Travis Schwab.
"ADAM has been active in advancing best practices to promote market integrity at the regulatory level in the U.S. and beyond," Bond continued. "As digital asset markets rapidly evolve, mainstream participation in digital asset markets is inevitable. Given the new dynamics in Washington, increased scrutiny and potentially regulation are sure to follow. Digital asset players need to be organized, informed, and connected to each other to ensure policymakers and regulators strike healthy balances between increased regulation and continued vibrancy in the markets. ADAM welcomes this continued growth for the industry, and looks forward to working with its members, partners, and other industry players to guide and inform market participants, regulators, and decisionmakers."
About the Association for Digital Asset Markets (ADAM)
ADAM is a private, membership-based association of firms operating in the digital asset marketplace. ADAM works with leading financial firms, entrepreneurs, and regulators to develop industry best practices to facilitate safe, secure, and efficient digital asset markets. ADAM members include market participants such as trading platforms, custodians, investors, asset managers, traders, liquidity providers, and brokers that operate in the digital asset ecosystem.
In collaboration with leading financial firms, entrepreneurs, industry and legal experts, academics, and regulators, ADAM created a Code of Conduct to promote integrity, fairness, and efficiency in digital asset markets. The ADAM Code is intended to inform market participants on best practices and to complement, not replace, existing regulation as part of a long-term effort to define and promote ethical conduct by all digital asset market participants. ADAM Members & Partners now include Anchorage Digital, BitGo, BitOoda, BlockFi, BTIG, CMT Digital, Cumberland, DLA Piper, DLx Law, Dunamis Trading, Eventus Systems, Fireblocks, FTX.com, FTX.us, Galaxy Digital, Genesis Global Trading, Grayscale, GSR, Hudson River Trading, Morgan Lewis, Multicoin Capital, Oasis Pro Markets, Parataxis Capital, Paxos, Sarson Funds, Symbiont, WisdomTree, and XBTO.