Introducing The Association for Digital Asset Markets (ADAM)

The Association for Digital Asset Markets (ADAM), led by a group of financial firms – BTIG, Cumberland, Genesis Global, Hudson Rive, GSR, Galaxy Digital, Paxos, BitOoda, Symbiont and XBTO – vows to advance a just and orderly digital asset market

If the potential of digital assets is to be realized, rules must be clarified, compliance must be monitored, and enforcement mechanisms must be built to protect investors and consumers while encouraging the responsible development of digital asset markets.

Association for Digital Asset Markets

The cryptocurrency and digital asset market as a whole is experiencing the disadvantages of a lack of regulation that fits perfectly with its nature. There are no clear rules or standards that preside over the industry.

Confusion and fraud are some of the aftereffects of this deficiency of rules. This dissuades institutional investors from engaging with the nascent marketplace. It is also said to hold back the benefits that come from its promising fundamental technology.

ADAM

In the 18th century when there was a lack of governmental parameters that guide the market, stock brokers of that time took the route of self-governance by facilitating their very own policies to regulate the market and its participants.

In today’s industry, ADAM seeks to advance a fair digital asset market by pledging to safeguard all participants from market manipulation and fraud, administer well-defined standards for market activities, push for ethical conduct, and heighten information transparency for the public and governments.

ADAM was created for the sake of digital asset participants where all can conduct trade and business with the assurance of safety and fairness.

The association has bases in the cities of Washington and New York.

Code of Conduct

In all cases, ADAM’s Code will strive to be consistent with, and a complement to, existing law. Its immediate impact will be to help fill the void where no clear regulation exists for digital asset markets.

Association for Digital Asset Markets

The guidelines for establishing a set of rules that govern the overall market and its participants is termed as the ADAM Code of Conduct. The specifics of the Code require conditions to be met. These are:

  • The Code must take shape within the structure of existing laws. It must provide clarity, without violating the law.
  • It is crucial to use blockchain to incorporate compliance functions into the code, without any obstruction.
  • The intercontinental characteristic of digital assets must be taken into account.

It is necessary for the Code of Conduct to cover all products and services within the digital asset market. It will also include rules for KYC and anti-money laundering (AML), risk management, data protection, and market integrity.

Governance

The ADAM Advisory Board consists of lawyers, academics, regulators, and industry professionals who are accomplished within their field.

Members of ADAM will vote for a Board of Directors who will approve the association’s activities.

The founding members of the association include BTIG, Cumberland, Galaxy Digital, GSR, Paxos, and Symbiont.

Other Associations Relevant to Blockchain and Cryptocurrencies

Various crypto-related companies have formed different groups all for advancing the technology.

Some of the groups are Blockchain Association, a DC lobbying group, spearheaded by companies such as Coinbase and Circle and the Japan Virtual Currency Exchange Association (JVCEA), formed in April 2018, comprised of 16 domestic licensed exchanges. It was granted self-regulatory capacity by Japan’s Financial Services Agency.

Related news

Stellar and Wirex Partner to Issue 26 New Stablecoins

Stablecoins continue to capture the interest of investors, showing that there are more and more use cases for this type of tokens. As reported by Ethereum World News, TrustToken, the creator of TrueUSD announced the launch of tokens backed by the fiat currencies of Europe, Hong Kong, Australia and Canada, and a few hours ago, Wirex and Stellar took one step forward and announced the issuance of 26 new stablecoins. wirex Logo The FCA-regulated payment platform explained that they had made that decision not so much to facilitate trading but to stimulate interpersonal remittances and p2p payments. Stablecoins gained that name precisely because they are anchored to the value of a specific asset, generally 1:1 with respect to a monetary unit. While most stablecoins represent fiat money, there are tokens that represent the value of gold (digix), diamond (carat) and other materials. Stellar Has a New Logo For the launch of the new tokens, Wirex chose the Stellar blockchain. According to Forbes, Jed McCaleb, founder of Stellar expressed his enthusiasm for the partnership, explaining that this joint effort could be good for the parties involved “Stablecoins have the potential to transform the payments space … We’re excited to be working with Wirex to launch its first stablecoins to help make money more fluid and open to everyone.” For his part, Pavel Matveev, Wirex’s co-founder explained that the firm has the vision of expanding the supply of stablecoins available in the crypto-verse stressing that offering tokens backed by other currencies besides the dollar can stimulate not only the industry but the entire ecosystem as it would solve different economic, technological and legal problems: Most stablecoins are pegged to USD. While these are suitable for a specific use case – hedging on cryptocurrency exchanges – they can’t be used for payments, as they’re not scalable and don’t support local currencies. Since payments (cross-border and daily) are Wirex’s main focus, we added support for local currencies with the aim of using stablecoins for international transfers. Local currency-pegged stablecoins don’t require a local liquidity provider, and can be easily and affordably exchanged to the equivalent local fiat currency. Forbes explains that Wirex hopes to offer its products to over 2 million companies and five thousand corporate clients. This would give it a presence in more than 130 countries around the world. They will offer the first products in the USA, Canada and the APAC region in Q2 2019.  The post Stellar and Wirex Partner to Issue 26 New Stablecoins appeared first on Ethereum World News.
Ethereum World News

Bitrue and Wietse Wind partner to show their ‘token’ of appreciation for the crypto community

Wietse Wind, prominent contributor and a developer in the XRP community, is in the news after he announced that he would be partnering with Bitrue, a crypto-platform, to help serve the XRP community. Bitrue announced the same in their tweet, After so many tipping effort made through @xrptipbot , finally we are taking it to the next stage! A partnership with @WietseWind for the most loved @xrptipbot ! We feel so honored to be able to better serve the #XRPcommunity with this initial integration, more to come! https://t.co/xsSr0N5bp6 — Bitrue (@BitrueOfficial) April 25, 2019 Wietse Wind tweeted, “As you probably noticed @BitrueOfficial is a big XRP fan. As they offer many XRP pairs it was a no brainer to partner up to make it easier for users to deposit other cryptos to the XRP TipBot using @BitrueOfficial. Their tokens () of appreciation will go back to the community!” With the new partnership, Bitrue users can now deposit other cryptos to the XRP TipBot, using Bitrue. Wietse Wind posted an image of other platforms for the same, attached below. Source: Twitter Wind elaborated upon the partnership in his subsequent tweet, stating, “People will be able to login/register, deposit any coin and convert it into XRP. The deposit back to the TipBot will be made easier, and we’re aiming for a better integration in the future. However, they are working on some other things first.” Wietse Wind changed the micropayments ecosystem for XRP with the development of XRP TipBot. The tip bot became quite famous among the XRP community and is not restricted to Twitter alone, but can also be used on other platforms like Reddit and Discord. Wietse Wind was further provided with an investment from Ripple’s arm, Xpring, to help further develop applications that will make use of XRP and also help users in the community as well. A Twitter user, @CasinoCoin_CSC, commented, “Wait… Does this mean we can deposit CSC into the tipbot when @BitrueOfficial lists CSC/XRP in about 3 weeks?! #dta” Wind confirmed that the above was true. However, users must be registered on Bitrue to deposit any coin to tip bot and such a coin must be paired with XRP on Bitrue. The post Bitrue and Wietse Wind partner to show their ‘token’ of appreciation for the crypto community appeared first on AMBCrypto.
AMBCrypto

Ripple Exec Touts Company’s Partnerships

There used to be a time when crypto companies could raise money just by saying they were “decentralized” – kind of like the “toasted” cigarette ad in Mad Men. But cryptocurrency investors are now showing more discrimination, and many projects have to work harder to justify their business models. That also applies to Ripple Labs, which released its quarterly report yesterday. The company behind the third-largest cryptocurrency is facing increasing competition from rivals such as Stellar, another brainchild of Jed McCaleb. Competition is heating up among remittance solutions, says Nadeem Ladki, Ripple’s Director of Business Development. Speaking to Crypto Briefing at the Blockchain Expo in London, Ladki acknowledged that several other players have entered the race to produce the best, cheapest solution for cross-border settlements. While XRP is faster than the vast majority of cryptocurrencies, it’s not the fastest token in the race. “[O]ur underlying tech is very similar to Stellar,” Ladki admitted, “so yes, we are in close competition with them.” Partnerships Are Key But that might be missing the point, Ladki says, noting that XRP is a well-known and trusted digital asset. Although the tech may be similar to other new cryptocurrencies, Ladki believes it is has a key advantage when it comes to developing viable use-cases. “The main difference between us and our rivals”, Ladki said, “is that we actually have a working product. Stellar and IBM may be working together on World Wire, but we have the partnerships and we are already looking at how to best use the technology and exploring interconnectivity with other platforms, like with Interledger.” Adoption has been slow because it took time to build sufficient liquidity and to get regulators on side. But patience is paying off: Ripple solutions like RippleNet and xRapid are now fully operational in jurisdictions like Mexico and the Philippines. At present, RippleNet is used by over 200 financial institutions, and xRapid – which uses the XRP currency- has twelve. More are on the way, Ladki added. XRP Report: Is it too centralized? According to yesterday’s quarterly report, Ripple sold approximately 700 million XRP tokens in the last three months, an increase of 80M from last quarter. In dollar terms, the company made $169M from XRP sales, $40M more than Q4 2018. Ripple Labs remains the largest holder of XRP, a fact which has raised eyebrows among the company’s skeptics. Ripple currently holds 53bn XRP tokens in a series of secure time-locked escrow accounts, which are released in billion-coin increments each month. These can be used to fund joint initiatives, network development, and XRP ecosystem investments. Any unsold tokens are locked up for later release. Of the 3bn tokens that have been released so far this year, 2.3bn were returned to escrow. Ripple justifies its majority share, saying that it creates a degree of predictability. Releasing a set amount every month, in line with increasing adoption, prevents the token’s price from fluctuating too much. But critics – including the NANO founder, Colin LeMahieu – say it’s a major weakness, which will prevent businesses from adopting Ripple as their main settlements solution. “Many FX firms I’ve talked with have considered and dismissed them based on the fact that one company holds over 50% of the market cap,” LeMahieu told Crypto Briefing, in December. “A single company holding this much of a position on a currency isn’t something they would accept from a risk perspective.”  Additional reporting by Jalen Fargharson.  The post Ripple Exec Touts Company’s Partnerships appeared first on Crypto Briefing.
CryptoBriefing

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.