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ecosystem, we urge you to reconsider their involvement,” the letter read.“ We believe these agencies’ participation in the PWG – and any other digital asset and crypto-related work undertaken by the Administration – is imperative to help the PWG develop a comprehensive digital assets framework for all market participants.” Secondly, the same letter has identified specific guidance and policies that have made US banks’ engagement in digital asset“ exceedingly difficult” – see boxout for details. The letter stated that rescission or substantial revision is the first necessary step toward promotion of US leadership in the digital assets and financial technology ecosystems, adding that clarity must be provided by federal banking agencies on the banks’ ability
“ For the first time since I’ ve been involved with this – and I’ ve been at it for a while – I can clearly see the light at the end of the tunnel.”
NADINE CHAKAR, GLOBAL HEAD OF DIGITAL ASSETS, DTCC
to perform such digital asset-related activities. Thirdly, regulatory change takes time. A spokesperson from BNY, picks up on this point:“ There is a lot of positive momentum in the market especially given the promise of proposed legislation to provide much needed clarity and certainty of rules applied consistently throughout the ecosystem. So, yes- optimistic about the potential to take scale further this year, but within the realities of what we know will take some time as legislations make their way into law.” The scope of the newly-established crypto task force, for example, will include digital assets, crypto assets, cryptocurrencies, digital coins and tokens, and protocols. The unit has a mandate to help draw clear regulatory lines, appropriately distinguish securities from non-securities, craft tailored disclose frameworks, provide realistic paths to registration for both crypto assets and market intermediaries, ensure that investors have the information necessary to make
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