[ I N D E P T H | D I G I T A L A S S E T S ] actively engaging with the industry ecosystem, driving advocacy across a wide range of topics to guide responsible innovation and enable a thriving competitive marketplace. Education continues to be a focus especially as the potential for a scale feels within reach.” Chakar adds to that point:“ There’ s a great sense of momentum, but also of a shared responsibility. For digital assets to reach mass adoption, you need that foundational layer of infrastructure to be scalable and secure. This really is a time for collaboration, not intense competition. The time will come when we’ ll all go out and compete, but right now, if we’ re serious about making a shift an upgrade that won’ t be seen for another generation, we must come together. We need to benefit from the industry’ s diversity of thought and process.”
Opening the door Last year, I wrote a blog on the Global Custodian site describing crypto custody as the industry’ s“ Great Vanishing Act” – highlighting how terms such as‘ crypto’ or‘ bitcoin’ had disappeared from the lexicon of incumbent banks. While some hesitancy remains,( we recently heard that one institution refused to be included in a joint press release because of the inclusion of the word‘ coin’), the new regulatory developments in the space could bring the magic act full circle. With institutions edging ever closer to full regulatory approval, we could see the reappearance of crypto terminology – this time embraced, rather than avoided. The combined actions of the new US administration and regulators have breathed life into the sector, creating an air of promise and excitement amongst the US institutions. That excitement also extends to the regulators themselves – in her first statement as chair of the crypto task force, SEC commissioner Hester Peirce, said:“ Five years ago, I remarked that figuring out how to deal with the SEC on crypto issues [ was ] like a regulatory version of an escape room.’ Now it is time to help open that door.”
Spring 2025 globalcustodian. com 33