The Wall Street Blockchain Alliance (WSBA), an advocacy group for distributed ledger technology, has announced the launch of the Digital Asset Industry Principles. WSBA states that these principles follow the recent events in crypto markets that have challenged the industry.
The collaborative effort is described as an industry initiative to create principles to address critical and unresolved issues that the WSBA believes are negatively affecting the digital asset ecosystems. The recent collapse of FTX, as well as the failure of multiple blockchain-focused firms in recent months, have questioned the viability of digital assets around the world. The WSBA believes these issues are inhibiting the long-term potential of blockchain technology and the adoption of digital assets.
The principles focus on compliance, customer asset protection, disclosure, risk management and more. The goal is to form a foundation for a broader industry effort to advance the adoption of digital assets.
WSBA Chairman Ron Quaranta commented on the principles:
“Now is the time for all stakeholders in the digital asset ecosystem – founders, users, builders, technologists, investors and more – to come together to lay the foundation for innovative, long- term growth that serves the best interests of consumers and reduces risk for all industry participant. By working together to draft these principles, all stakeholders with an interest in the future of digital assets will have an opportunity to speak with a collective voice. We call on all of our industry colleagues to join us for our launch meeting in January of 2023 to collaborate on this important initiative.”
The WSBA invites other stakeholders to engage with the effort by asking for feedback by January 15, 2023. Please email info@wsba.co.
