Adan: non-profit fighting for sound crypto regulation

Summary

• Adan is a non-profit organization representing the crypto-asset industry in Europe
• Since 2020, Adan has worked relentlessly to fight disproportional and overreaching regulations which threaten the crypto industry's ability to innovate
• We seek 8,000 ATOMS in funding to hire a European Affairs Officer as we ramp up operations in Brussels

About Adan

Adan is a non-profit trade organization representing the crypto-asset industry. Our members are crypto-native companies and firms that provide industry-specific expertise (legal, consulting, marketing, etc.)

Founded in France in 2020, Adan has over 195 members 6 in France and Europe across several industry verticals, including DeFi, payments, market making, custody, data analysis, and security, and is the largest crypto trade organization in Europe.

Adan interacts with all stakeholders with interest in the crypto ecosystem: national and European Members of Parliament, the European Commission, the European Council, the European Parliament, as well as the European Central Bank, and the regulatory bodies and legislators of several European countries.

Our unique positioning allows us to rally decentralized DeFi actors and more traditional listed companies and corporations.

• Adan Website
• Adan on Twitter
• Adan on LinkedIn

Mission

• Educate about crypto and help create better narratives around this technology and industry
• Foster an environment favorable to the growth of the industry
• Accompany the implementation of French and European regulatory frameworks adapted to the specificities of the sector
• Build constructive relations between the industry and public institutions

Team

• Faustine Fleuret: President & CEO | Twitter 8 / Linkedin
• Mélodie Ambroise: Head of Strategy & Institutional Relations | Twitter 3 / Linkedin
• Jules Dubourg: Administrative & Financial Manager | Twitter 1 / Linkedin 1
• Hugo Bordet: Regulatory Affairs Manager | Twitter / Linkedin 1
• Dorian Ravaute: Fiscal Affairs Officer | Linkedin 1

Funding

Adan is a membership organization and is funded primarily through annual fees.

Being aware that our missions concern not only the Cosmos community but the whole crypto ecosystem, we will ask for grants from other blockchains. Thus the costs will be shared between different communities.

Finally, we will ask the Cosmos community once only. Our growth plan and the opening of the European market will allow us to be financially self-sufficient through membership fees - which today represent over 80% of our annual income.

Governance

Members define the yearly objectives during the annual General Assembly. They also vote on the budget, ratify the association's actions, and elect a Board of Directors responsible for representing them and controlling the implementation of these missions.

See our website for more information about Adan's governance and Board of Directors 3.

Adan is a non-profit organization registered in France (Association loi de 1901).

Works & Publications

Adan interacts with all stakeholders with an interest in the crypto ecosystem: national and European Members of Parliament, the European Commission, the European Council, the European Parliament, as well as the European Central Bank, and the regulatory bodies and legislators of several European countries.

Adan is also involved in discussions with international bodies such as FATF, IOSO, BIS etc.

In just two short years, Adan has produced an astounding amount of writing and publications to support its mission:

• A crypto-euro issued by an American giant, or how Europe is delegating its monetary sovereignty
• EU framework for crypto-asset markets: the French Presidency ends with political deals on MiCA and TFR
• Adan's Response to IOSCO's Retail Market Conduct Report
• Adoption of TFR in the European Parliament: the fight against financial crime should not be a fight against crypto-assets
• MiCA vote in the European Parliament: A step forward or backward for the crypto sector?
• Adan responds to the EBA consultation on its draft guidelines for remote onboarding customer solutions 1
• Ban of Proof-of-Work protocols: wrong answer to real global environmental challenges
• Adan's position on FATF's updated guidance for a risk-based approach 1

Proposal details

The crypto industry is evolving rapidly, challenges are multiplying, and public authorities worldwide are increasingly seeking to regulate crypto innovation.

To this end, we will continue to fight the battles initiated at the French level but must accelerate on the European and international scene according to 4 priorities:

• Monitor upcoming legislation and regulations, such as MiCA, TFR, and the remainder of the AML package.
• Contribute to elaborating regulatory frameworks in preparation surrounding topics like DeFi, NFTs, the environmental impact of crypto, etc.
• Establish strong positions on European crypto companies' issues (e.g., access to banking and insurance) and convey them to policymakers.
• Sensibly educate on regulatory proposals which fail to capture the unique properties of crypto-economic models and risk hindering innovation (e.g., regulating DAOs as legal persons in the traditional sense).

To overcome these challenges, our team must engage in the following activities:

• Carry out diligent monitoring of the legislative and regulatory agenda
• Think up pragmatic solutions adapted to the sector within our working groups
• Dialogue with decision-makers in European institutions (European Commission, Council of the European Union, European Parliament), European authorities (European Central Bank, European Banking Authority, etc.), and international bodies (FATF, IOSCO, BIS, etc.)
• Create synergies with other market players with shared interests

Given the size and importance of the mission, which is constantly expanding, Adan must strengthen its team. Thus we request funding from the Cosmos Hub community pool to recruit a European Affairs Officer based in Brussels, allowing us to further increase our ties with transnational bodies.

Deliverables

We believe transparency around community funding is important for building trust and establishing a reputation. This is why we pledge to publish progress reports in 6 and 12 months such that the Cosmos Community better understands how funds are spent and may evaluate the return on its investment.

This report will be delivered to you via this forum. It will consist of different sections, such as :

• actions carried out in the last months;
• missions to be carried out in the coming months;
• distribution of the remaining allocation.

Funding Amount

Total amount requested: 8,000 ATOM

This corresponds to roughly 100,000 EUR and covers gross salary, recruitment costs, and travel expenses for half a year.

Receipient

cosmos1kdff80vxuj0zmmjauymzjs40hsfkuya79s8tm0

IPFS

QmR1q2i48EJqaZSXxgggE8VaPKsZFtozVBPHKejMpJAYXx

Governance Discussion

https://forum.cosmos.network/t/proposal-draft-adan-non-profit-fighting-for-sound-crypto-regulation/7416

Governance votes

The following items summarize the voting options and what it means for this proposal:

• YES - You agree that persuading regulators to adopt sound and proportional regulation is important and thus wish to fund Adan's work
• NO - You don't agree that persuading regulators is important and thus do not agree to fund Adan's work
• NO WITH VETO - A 'NoWithVeto' vote indicates a proposal either (1) is deemed to be spam, i.e., irrelevant to Cosmos Hub, (2) disproportionately infringes on minority interests, or (3) violates or encourages violation of the rules of engagement as currently set out by Cosmos Hub governance. If the number of 'NoWithVeto' votes is greater than a third of the total votes, the proposal is rejected, and the deposits are burned.
• ABSTAIN - You wish to contribute to the quorum but formally decline to vote either for or against the proposal.