Great News For Crypto Options Trading. Once Supported by SBF’s FTX Crypto Organization Is Making a Return.

Wonderful news for crypto options trading. A crypto trading organization that received some support from Sam Bankman-FTX Fried’s has posted a job listing for a CEO.

According to those with knowledge of the situation, board members of the Association for Digital Asset Markets (ADAM) have recently conducted interviews with potential company leaders. According to the sources, ADAM recruited executive search firm Heidrick & Struggles to assist in finding a new head.

Since December, when previous CEO Michelle Bond resigned after a failed bid for Congress as a Republican from New York state, ADAM has remained inactive.

By advocating for the needs of broker-dealers, institutional investors, marketplaces, and other Wall Street-related businesses, ADAM is now attempting to resurrect itself as a voice for cryptocurrency in Washington.

Members of ADAM include broker-dealers like Robinhood Markets, hedge fund managers like Multicoin Capital, and algorithmic trading companies like Jump Trading and Hudson River Trading (HOOD).

When ADAM was first envisioned in 2018, it was intended to function as a “self-governing association” for cryptocurrency, with members adhering to a set of moral standards and standards of behavior. Heavyweights in the cryptocurrency industry, including Genesis Global, Galaxy Digital, and Paxos, were among the original members, along with conventional Wall Street companies like Hudson River Trading. After the collapse of the cryptocurrency market, certain participants in crypto options trading, such as FTX and Genesis, have either gone bankrupt or drastically reduced their activities.

The group was also a powerful advocate for cryptocurrency in Congress, and it received a substantial financial boost in February 2022 when Bahamas-based FTX and its US-affiliate FTX US joined.

ADAM lobbied for legislation that FTX supported, such as a measure proposed by members of the House Agricultural Committee that would have subjected most of the cryptocurrency market to the Commodities Futures Trading Commission’s supervision.

Bond was also financially supported by FTX. During her congressional race, bond stated in campaign papers that FTX Digital Markets paid her $400,000 for consulting services in 2021 and 2022. Throughout the campaign, she was regularly seen on the campaign trail with her boyfriend, a prominent FTX official.

After the trading platform fell amid fraud charges in November, ADAM suspended FTX and its affiliates from the group, an ADAM representative told CNBC at the time. Bankman-Fried is being held under house arrest in California while awaiting trial on a variety of criminal accusations relating to FTX’s demise.

ADAM maintains a board of directors and an independent lobbying agency but has been without a CEO since December.

If ADAM can resurrect itself, it will join a crowded crypto lobbying field in Washington, including the Blockchain Association, Crypto Council for Innovation, and Chamber of Digital Commerce.

The business is facing a storm of regulatory challenges as organizations such as the Securities and Exchange Commission and the Commodity Futures Trading Commission file enforcement cases against numerous crypto options trading companies. For example, Coinbase Global (COIN) has revealed that the SEC may sue the company. The CFTC accused Binance, the largest cryptocurrency exchange, of allowing Americans to trade unlawful futures. Binance described the decision as disappointing, adding that it had greatly increased its compliance staff.

Lawmakers from both parties have stated their intention to pursue legislation that would more clearly define the rules governing how federal agencies should treat digital assets, but many policy analysts believe that passing any comprehensive crypto-related legislation will be difficult in the divided Congress.