This week has been relatively good for the cryptocurrency space than the previous weeks. The main attributes of this are the increase of several cryptocurrencies in this bearish climate and the announcements made by some key players in the space.
This includes news about Nasdaq's Bitcoin Futures launch plan, Messari's announcement about the registry launch and the most important is the formation of the Association of Digital Asset Markets. [ADAM]
ADAM was formed with the main intention of regulating the unregulated cryptocurrency market, which has been the main concern of regulators and institutional investors. They have entered the space with the mission of "promoting fair and orderly digital asset markets."
The focus will be on protecting the participants of the cryptocurrency space from manipulation and fraud. This will also include the establishment of rules and standards for efficient trade, custody, compensation and liquidation of virtual currencies. In addition, the association will work to increase transparency and provide clarity about cryptocurrency markets for governments and the public.
The association announced in a blog post:
"What do we stand for? How can we defend this infrastructure?" Realizing its full potential. "
Members of the association include renowned space players such as Galaxy Digital, Cumberland, Genesis Global Trading, Paxos, Bit0oda, BTIG, GSR, Hudson River Trading, Symbiont and XBTO.
Mike Novogratz said on Twitter:
"Given all the bad news of this crypto settlement, it is good to welcome @DigAssetMarkets. Galaxy Digital is pleased to be a founding member of #ADAM."
In addition, the association will make use of any existing case, rules and regulations of the cryptocurrency space imposed by regulatory bodies and governments, such as SEC, CFTC, NFA, SIFMA and ISDA. This will be used to ensure market integrity, risk management, price manipulation, cybersecurity, user data protection, customer asset custody and more.
Recently, Fidelity announced that they will launch their own cryptocurrency custody solutions. Together with the announcement to enter the cryptocurrency market with Fidelity Digital Assets, the fourth largest asset management company.