Editorial independence: CoinDesk is a wholly owned subsidiary of Digital Currency Group, one of the largest private investors in the industry and a provider of trading and other investment services for that industry. We operate independently of the parent company.

DCG has no involvement in editorial or content decisions, and our journalists cover DCG and its portfolio companies and investments as they would any other subjects, without fear or favor.

CoinDesk and DCG have agreed to abide by a strict independence policy that forbids DCG employees from pressuring CoinDesk journalists for coverage or favorable treatment, and encourages CoinDesk employees to come forward and report any such attempts. The full text of the policy can be found in Appendix A below.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Our office is in the same New York City building as another DCG subsidiary, Genesis Trading, but on a separate floor, three stories apart, with different access cards. DCG used to have its headquarters in the building but has relocated to Connecticut.

Disclosure: In the interest of transparency, all CoinDesk articles include at the bottom a disclosure of our corporate ownership, with links to the full lists of DCG’s portfolio companies and cryptocurrency investments. (Those lists appear below in Appendix B.) This blanket disclosure also notes that certain CoinDesk employees (including editorial employees) may receive DCG SARs as part of their compensation.

Further, any article about our parent company or its other wholly owned subsidiaries (Grayscale, Genesis, Foundry, Luno) includes a prominent disclosure in the body text that CoinDesk is owned by DCG.

Journalistic standards: We strive for the utmost accuracy, fairness, objectivity and responsible reporting, whether surfacing original news or in reviewing and corroborating information from other sources.

Our journalists know their reporting can affect individual and company reputations, and that they must always be patient and persistent in seeking comment from the subjects of their stories. There are usually at least two sides to any story, and CoinDesk will always be diligent in seeking a diverse range of intelligent, sober perspectives.

All factual errors in published articles will be corrected promptly upon discovery, and all corrections and amendments to an article will be disclosed in a note at the bottom. In rare cases where the central idea of an article warrants a correction, the disclosure will be placed at the top and shared on social media, so the correction is broadcast as widely as the original error.

CoinDesk reporters must disclose in their profile pages any cryptocurrency investments of $1,000 or more; update these disclosures upon any material changes; and, in their articles, mention any potential conflicts of interest. They should avoid such conflicts by minimizing their own coverage of assets or companies in which they have a financial interest, or of issues they are involved in as activists. Above all, they may never misuse our platform for personal gain. (See “Personal Investing,” below.)

Editors and reporters may never accept payment from any company or individual for coverage or preferential treatment. Journalists are not allowed to accept gifts from companies or individuals CoinDesk covers or is likely to cover. (Exceptions may be made for items of nominal value, such as a T-shirt, hat or coffee mug, or food or beverages that can be consumed within 24 hours.)

Opinion articles, whether written by outside contributors or staff members, are always clearly labeled as such, with a design that is distinct from news stories.

As with all reliable media outlets, we do not reveal the identities of sources who speak to us on condition of anonymity for fear of retaliation from the powerful. However, we are also careful about relying on anonymous sources. All stories that originate with an anonymous source require corroboration from at least one other source with firsthand knowledge of the information, and often more, depending on the sensitivity of the story.

Further, we will respect the pseudonymity of credible sources who have established reputations in the crypto community under their online handles. We believe prolific software developers and other influential figures who do not give their legal names have reputational skin in the game when they attach their words to their well-known pseudonyms. In many cases, that attachment is sufficient to expect a sufficient degree of accountability. As such, we will not reveal anyone’s identity without his or her consent, absent an overwhelming public interest in doing so. We reject a model of journalism that needlessly ruins the lives or careers of harmless, obscure individuals for clicks or moral points.

Personal investing: CoinDesk always seeks to prioritize its highest-value asset – the trust of its readers. It is the job of our journalists, researchers and market analysts to be both transparent and accountable to the public, and seek to uphold high standards of conduct.

However, CoinDesk respects that employees may wish to make decisions related to their wealth management. With this in mind, CoinDesk has worked with compliance and legal advisers to develop a strict set of guidelines that balance the company’s vision while respecting our employees’ financial autonomy.

Above all, these guidelines seek to ensure:

Our policies are designed to promote stringent definitions for transparency so as to ensure the trust of our audience is upheld.

Any employee who buys, sells or trades crypto assets in amounts of less than $1,000 must notify CoinDesk’s compliance officer within 24 hours of the event. Any employee who buys, sells or trades amounts more than US$1,000 must notify the compliance officer at least 24 hours before doing so.

Upon receipt, these notifications will be reviewed by the compliance officer to ensure the trade meets our policies and guidance. Items up to and including the employee’s recent meetings, articles or corporate outreach efforts will be evaluated. Employees must hold all crypto asset purchases for a minimum of 30 days.

Further, trading is forbidden during office hours. Employees are not permitted to short crypto assets or trade futures contracts. As noted, journalists must disclose crypto positions worth $1,000 or more in their profile pages and update them immediately to reflect any changes.

Company stocks: Our policy on owning stocks is more restrictive than for cryptocurrency, for several reasons.

First, using cryptocurrency and related services is often an important part of researching and understanding the field, while setting up and using a brokerage account is not traditionally involved when reporting on publicly traded companies.

Second, companies have management teams, run from the top down, who have direct control over the direction of the project and can try to influence reporters for favorable coverage. While crypto projects have developer teams and other interested parties, there is no one nominally “in charge” with outsize sway over how the project operates. The absence of direct control means there is not the same degree of conflict as with stocks – not enough to outweigh the educational value of reporters using crypto, and little enough to be mitigated by our disclosure rules outlined above.

Third, a reporter breaking a story, positive or negative, about a publicly traded company sometimes has access to material nonpublic information that, once published could move the stock price; reporters covering a cryptocurrency are usually working with information in the public domain (on the blockchain, in code repositories or in developer forums). While there are exceptions where non-public information derived from a company involved in the crypto space could move the price of a token, any potential conflict associated with such instances would be mitigated by the disclosure requirements.

All CoinDesk editors and reporters are barred from owning shares in pure-play crypto firms (e.g. Coinbase). Further, beat reporters and their editors who regularly cover diversified companies involved in crypto (e.g. Square, Tesla, MicroStrategy) are not allowed to own shares in those firms. And any stocks purchased by a CoinDesk employee must be held for a minimum 30 days.

CoinDesk employees who are found to be not in compliance with these rules may be subject to penalties up to and including termination.

Social media: CoinDesk’s mission is to drive the conversation around the future of money, and social media is one of the best tools to do that. Our official brand accounts are the authoritative editorial voice of CoinDesk. We use social media to share our content and to make announcements about events and new products.

Journalists are encouraged to interact with users of our content through their personal handles. In doing so, they are representing CoinDesk’s brand and values. While they may use their own distinctive voice or express personal opinions, they are expected to conduct themselves professionally. They may not make personal attacks or spread unverified information that could damage an individual’s or company’s reputation.

Advertising: One of the ways CoinDesk generates revenue is through online advertising. Aside from maintaining basic standards of quality and content, CoinDesk will refuse any ads that directly promote a token (ads from companies with tokens but are promoting some other aspect of their business may be permitted).

If an entity has announced any fundraising event (such as an ICO or IPO), CoinDesk will refuse any ads from that entity that are not explicitly permitted under Securities and Exchange Commission advertising rules.

Events and partnerships: From time to time, CoinDesk may publish sponsored content on our platforms. This content will be explicitly labeled as sponsored, will never be written by CoinDesk journalists or editorial staffers, and will be clearly delineated from our news, analysis, research and opinion articles. Sponsored content relationships will have no impact on the journalism independently produced by CoinDesk’s editorial team.

Likewise, CoinDesk events may include sponsored sessions. These sessions will be clearly billed as sponsored and wholly separate from the vast majority of sessions that are curated by the content team, Sponsor relationships will have no impact on speaking invitations or event programming.

Giveaways/contests: CoinDesk journalists may not accept tokens, coins or any other products or merchandise from giveaways, contests, airdrops or other events that may affect their ability to impartially cover digital assets or the companies behind them.

Appendix A: Policy on content independence

Context for CoinDesk Satoshi Nakamoto’s invention inspired a movement towards the transformation of money. Bitcoin’s open-source economic model helped it thrive as developers, cryptographers, engineers, entrepreneurs or anyone else could contribute to its growth. Later, a similar design was applied to other protocols, some of which managed to “pay for their own” development as open-source technologies.

This decentralized economic model has a familiar challenge: The competition to develop these open-source technologies involves asymmetries between various stakeholders, some private, some public, some for-profit, some non-profit.

Goal for CoinDesk

As a media platform, CoinDesk’s opportunity and responsibility is to provide a forum for stakeholders of all kinds, everywhere in the world, to contribute to the conversation around the transformation of money, regardless of any asymmetry among stakeholders, dependent only on the quality of their work or ideas.

If the asymmetries mentioned above go unchecked, they could lead private, narrow interests to control open-source projects, in effect replicating the centralized system of money these projects seek to transform (or transcend).

Defining Principles

CoinDesk is a wholly owned subsidiary of Digital Currency Group, one of the largest private investors in the industry driving this process of monetary transformation and a provider of trading and other investment services for that industry. As such, both parties have a responsibility to avoid any undue influence or perception of influence over CoinDesk’s content creation operations. For CoinDesk to continue to offer a trusted forum for multi-stakeholder industry development, both parties – CoinDesk and DCG – commit to uphold the following principles with regards to their mutual relationship.

Processes for CoinDesk

Based on those principles, both parties will commit to several rules of engagement in the conduct of CoinDesk’s operations:

Appendix B: Digital Currency Group’s investments

Last updated: February 2022

Wholly owned subsidiaries: CoinDesk, Genesis, Grayscale, Foundry, Luno

Digital assets: Bitcoin (BTC), Ethereum (ETH), Decentraland (MANA and LAND), Ethereum Classic (ETC), Filecoin, Horizen (ZEN), Livepeer (LPT), ZCash (ZEC)

Portfolio companies:

Abra

Acala Network

API3

Artie

Avanti Bank

Averon

Axoni

AZA (formerly known as BitPesa)

Big Time Studios

BigchainDB

bitFlyer

BitGo (Acquired)

Bitmark

Bitnomial

BitOasis

BitPay

Bitso

Bitwala

Blockchain

Blockstack

Blockstream

Blokur

Bloq

Bold (Acquired)

Boost VC

Brave

BTCC (Acquired)

Buda

Cambridge Blockchain (Acquired)

Carbon (Acquired)

Chain (Acquired)

Chainalysis

ChangeTip (Acquired)

Circle

Civic

Cobalt

Cognito

Coinbase

CoinDesk

CoinFLEX

Coinhouse

CoinJar

CoinList

Coinme

CoinMetrics

Coins (Acquired)

Coinsetter (Acquired)

Colu

Crypto Facilities (Acquired)

Curv (Acquired)

Custos Media Technologies

Dapper Labs

Decent

Decentraland

Digital Assets Data (Acquired)

Dune Analytics

Earn (Acquired)

ECO

Electric Capital

Elemental

Elliptic

ErisX (Acquired)

EtherScan

eToro

Figure

Fireblocks

Flare Network

Fleek (FKA Terminal)

Flipside Crypto

FTX

Gem (Acquired)

Genesis

Grayscale

Gyft (Acquired)

Hashflow

Hedera Hashgraph

Horizen Labs

Horizon Blockchain Games

Hubble

itBit / Paxos

Jackpocket

Jiko

Jsgenesis

Kintaba

Korbit (Acquired)

Kraken

Layer1

Ledger

Lightning Labs

Livepeer

Logos (Acquired)

Lolli

Lucid Sight

Luno (Acquired)

MadHive

Mask Network

Mediachain Labs (Acquired)

Merkle Data (Acquired)

Merkle Science

Meson Network

Mifiel

Money Button (Acquired)

Multis

Netki

NFT Bank

NICKL

Nivaura

Nomics

norbloc

OB1

Octopus Network

Omniex (Acquired)

OXIO

Paradigm

Parity

Pawnfi

Pipeline

POSaBIT

Protocol Labs

Provenance

Purse

Qohash

Radar Relay (Acquired)

Rainbow

Reserve

Revelator

Ripio

Ripple

Risk Harbor

RSK Labs

Runloop

Safello

Scout

SFOX

ShapeShift

ShoCard

Silvergate

Skew (Acquired)

Skuchain

Slingshot

Sonia

Staked (Acquired)

Stratumn

Streami

Suade

Subquery

Tagomi (Acquired)

The Graph

Tierion

Token

TradeBlock (Acquired)

Transparent Financial Systems

Tribal Credit

Unocoin

Veem

Vincent

Volare

Wenew

Wilder World

Wyre (Acquired)

Xapo

X-Margin

Zabo (Acquired)

Zcash

Zeppelin

Zerion