🚨 🚨 🚨 The #GlobalDCA is proud to announce the release of its Core Principles for the Digital Asset Industry! FOR BACKGROUND AND FULL TEXT CLICK HERE: https://lnkd.in/ginEgYkY These CPs are the culmination of months of work on behalf of the Global DCA Core Principles Steering Committee. As Member Firms and our broader stakeholders, we ask you to take a moment to review and familiarize yourself with these Principles. In the following months we will be working to incorporate these Principles into both our Member Firm onboarding process and our ongoing 'wellness checks' with firms. The Core Principles are created to set minimum standards and best practices for the conduct of centralized digital asset businesses that handle customer (or user) digital assets and funds and cover: 💪 Strong Governance and System of Checks and Balances 🔐 Protection of Customer Assets 👩⚕️ Enterprise Risk Management and Stress Testing 💵 Liquidity Reserves 📚 Proper Books and Records 🔎 Annual Independent Audit These Core Principles are not intended for use by fully decentralized businesses. Rather, they are focused on digital asset businesses that serve as intermediaries or fiduciaries of customer assets and property, which may enable access to DeFi systems and products/services as well as more centrally-enabled financial services activities. Thank you to the Steering Committee for their leadership and support: J. Christopher Giancarlo & Kristy Littman (Willkie Farr & Gallagher LLP) Maggie Sklar (Davis Wright Tremaine LLP) Renata K. Szkoda (INX) Dawn Stump Jamila Piracci, Amit Sharma (FinClusive), Patrick Daugherty (Foley & Lardner LLP) Suzanne Morsfield (Lukka) Georgia Quinn (Anchorage Digital) Jason P. Allegrante (Fireblocks) Dan Davis (Katten Muchin Rosenman LLP) Jeff Horowitz (BitGo) Lee Schneider (Ava Labs) Adam Schneider Gabriella Kusz Antonio Flores Matt Lisle (Wedbush Securities) See full press release HERE: https://lnkd.in/gJJbndEM
Georgia Quinn Erika Harford Kevin Wysocki, Annemarie McAvoy, Aon James C. Knox, Esq., Ben Van Vliet Bholdus Career, BitSage Bjondi Dervishi Bitstamp Thomas Hook, J.D., CAMS, @blockchain Triangle Darren Wolfberg, Blockdaemon Adam Sand Sarah Antoinette Richard, Emile Scheffel, MPM, BXS [Best Execution Solutions] Michael J. Post, Canright Communications Company Collin Canright, Casper Labs Ralf Kubli, Chris Kohler, Chrysalis Digital Asset Exchange, CipherTrace, a Mastercard company Pamela C.. Stephen Ryan, Clarity-Analytics Michael Mazzolini, CoinFlip Ben Weiss Steve Gradman Colleen Kavanagh, Croke Fairchild Duarte & Beres Michael Frisch Robert Isham, III, Crypto Oxygen Lukas Pfeiffer, Nicolas Bell, CryptoSavannah Noah Baalessanvu, DeFiSafety Rex Hygate, CCSSA, Diffuse Inc Kenny Estes Ayla Kremb, Digital Prime Technologies James A. Runnels, Eventus Joe Schifano Mike Castiglione Diane Levich, FinClusive Amit Sharma, Fireblocks Jason P. Allegrante, John McCarthy, Michelle Resnick, Neil C.., Flowtrack, Foley & Lardner LLP, Patrick Daugherty, Michael Bresnahan, Galaxy, Tyler Williams, Jason Urban, FinTank David Carman George Vukotich, GRIP (DIFC) • Investments Tony Pettipiece, CDAA V.Gowribalan (Gowri)
It's crucial for the digital asset industry to adopt these core principles and maintain high standards with best practices. Both crypto and TradFi firms should review these guidelines, as they exemplify an ideal paradigm for operating financial businesses with integrity and controls. Kudos to Gabriella Kusz and the Global Digital Asset & Cryptocurrency Association for leading the way towards an honest, efficient, and well-regulated industry.
Tony Hegarty
1y
As an Advisory Board Member of the @Global Digital Asset and Cryptocurrency Association, I'm proud to support this effort to bring forward #responsibleinnovation in the #digitalasset industry and to support #credible #selfregulation in the industry.
Thank goodness there are adults in the room! In an industry that moves as fast as ours it is imperative that we create systems of accountability by and for each other. Governments will be a valuable partner for enforcement; we need to show that we can weed out the bad actors while protecting consumers in this rapidly evolving landscape. Let regulators be the sharks in the water; empower SROs to throw the bad actors overboard.
I encourage all firms, whether crypto and TradFi, to review these principles as they present an ideal paradigm for operating a financial business with integrity and controls. Well done Gabriella Kusz and the Global Digital Asset & Cryptocurrency Association.
Jamil Hasan, KPMG US, Ferit Hurdogan, Anthony Tuths, LMAX Group Jenna Wright Aisling Riveiro Clare Tunstead Louisa Feltes, Lance Baker Loot NFT, Lukka Suzanne Morsfield Robert M. Veronica Schiemann, Brian Whitehurst, Merkle Science Mriganka Pattnaik Penny C.., Maggie Sklar, Katherine Cooper Harris Kay, Nick Fulton Adam Carlton Quicksilver Digital Ltd Prime Trading, LLC, Michael Cavanaugh, Regiment Securities, Joseph Ziolkowski, Relm Insurance Ltd., RPM Financial Markets Group Thomas Bakas, StoneX Group Inc. Gigi Szekely Brian Mulcahy, Formidium Nilesh Sudrania, Tacen John Bugnacki, BankWyse, Julie Fellows Wendi Dritz Carver, Digital Token Identifier Foundation, James Haskell, NAV Fund Administration Group Sumit Sharma, Willkie Farr & Gallagher LLP J. Christopher Giancarlo, Neal Kumar, Dan O'Shea, INX, Renata K. Szkoda, Ubivis Project,
Great work and a great step forward, thrilled to be a partner with the Global Digital Asset & Cryptocurrency Association
Brian M.
1y
Great work, GDCA! Only can have something like this because of the sustained work, focus and engagement over the last couple years.
👏🏼👏🏼👏🏼
Co-Founder/Board Director at Global Digital Asset & Cryptocurrency Association
1yHopefully the digital asset industry adopts these core principles and operates with high standards and best practices going forward. We need to do a much better job of regulating ourselves to create an honest, efficient, well-run industry that consistently manifests a high level of integrity.