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" ... After a decade of being the exclusive domain of off-beat cryptocurrency startups, traditional banks are finally starting to generate revenue from custodying assets issued on a blockchain. ... "
" ... Annemarie Tierney, former SEC regulator and blockchain strategy consultant, notes the irony in a Brazilian ETF custodying digital assets with U.S. custodians, while the U.S. Securities and Exchange Commission has yet to approve a national stock exchange listing for a crypto ETF, despite multiple attempts. She says, “the growing regulatory acceptance for publicly traded crypto ETFs in other jurisdictions highlights the competitive disadvantage facing issuers seeking to launch a similar product in the U.S. public markets.” ... "
" ... Speaking of assets, right now clients can only borrow against bitcoin, something that is unlikely to change in the near future. However, next on the list could be ether, the native crypto to Ethereum, provided its planned upgrade to a newer version with higher transaction throughputs over the next year or two goes according to plan. Lane said that, “In order for us to be comfortable lending against assets, we have to not only feel comfortable custodying the asset, but there has to be a deep pool of liquidity. Right now, the closest one to Bitcoin would be Ethereum. However, right now they're in the process of going through a change in their protocol from proof of work to proof of stake. We certainly want to wait and see how all that plays out before we start lending our depositors funds against a protocol that is undergoing such a major change.” ... "
" ... The more Avanti looks like a bank, the more competitors it will face. In custodying crypto it will compete with Coinbase, BitGo, Gemini and Paxos. In serving the dollar-banking needs of bitcoin businesses it will compete with Silvergate, Signature and Metropolitan. In the race to create the crossover entities permitted by the new Wyoming law, it is joined by four other outfits, says Chris Land, the general counsel of Wyoming’s banking department. Cryptocurrency exchange Kraken says it’s one of those four. ... "
" ... • Fourth, regulators should continue to work with the industry and provide guidance on how cryptocurrency companies can be deemed custodians under the federal securities laws. As part of this guidance, regulators should consider existing standards and best practices regarding the safeguarding of cryptocurrencies and how other frameworks have treated digital asset custody. While the OCC has provided guidance on custodying cryptocurrency under federal banking law and the SEC has taken recent strides to provide safe harbors around narrow custody activities, there is an opportunity to further clarify securities law expectations to more fully integrate custody models into mainstream markets. ... "