Wall Streeters Who Rushed to Crypto Create Sheriff for Wild West
- Group of 10 crypto players plans to draft code of conduct
- Association for Digital Asset Markets advised by NYSE’s ex-CEO
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Cryptocurrency players including DRW’s Cumberland trading juggernaut and Mike Novogratz’s Galaxy Digital merchant bank have banded together to draft a set of best practices, the latest attempt to clean up an industry frequently marred by scandal.
Through the newly formed Association for Digital Asset Markets, the 10 founding members intend to develop “rules for the efficient trading, custody, clearing and settlement of digital assets,” according to a statement Tuesday. They plan to write a code of conduct to “encourage professionalism and ethical conduct by all market participants, increase transparency by providing information to regulators and the public, and deter market manipulation.”