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The Push for Self Regulatory Organization (SRO) for the Crypto Space

Like every other industry, the crypto industry is huge enough to have set regulations for proper running of its related activities.

A proposal aiming at the establishment of a Crypto Self-Regulating Organization (SRO) is on the move.

In a report by the head of the Association for Digital Asset Market (ADAM), Michelle Bond, he disclosed that they would be a code of conduct for all members of the organization and the main subjects would include sound custody practices, prevention of market manipulation, protection of consumer, robust sanction requirements and prohibition of fake trading practices. Also adding that:

The organization and its members would establish a means where there would be free access to the highest caliber of data in the market to every regulator and participants.

A routine check and examination of firms and market would be performed by the organization along with the SEC and CFTC.

The organization would be saddled with the power to refer cases of non-compliance to the SEC and CFTC.

Explaining further Bond made reference to other industries including stocks having their own self-regulating body hence the crypto space needs one.

With the coordination of the SEC and CFTC the regulatory perimeter of the digital asset(s) and commodity would be defined by such organization. If a digital asset is whitelisted, the SEC and/or CFTC would have a 90 days period to object to a classification of it.

To gain clarity throughout the crypto space from an organization with the right expertise, this proposal has now gained the attention of even Congressmen.

The proposal for an SRO has caught even the attention of Congressmen

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