A recent Hedge Fund Association (HFA) program explored the explosive growth in digital assets in recent years, continuing efforts to satisfy custody duties, recent regulatory developments, the need for clearer regulation, Facebook’s stumble with its Libra cryptocurrency, the developing infrastructure for digital assets and where the digital assets space is headed in the coming year. William Herrmann, managing partner of Wilshire Phoenix and HFA regional director, moderated the discussion, which featured Gary R. Markham, CEO of aXpire Fund Solutions and HFA director; Christine Sandler, head of sales and marketing at Fidelity Digital Assets; and Anthony Tu‑Sekine, partner at Seward & Kissel. This article summarizes their insights. For coverage of other HFA programs, see “Briefing Explores Fundraising Environment, Investor Allocation Trends, Third-Party Marketers and Operational Due Diligence” (Jun. 6, 2019); and “Briefing Covers U.S. and Global Regulatory Climate Relating to Liquidity, Enforcement, Examinations and Cybersecurity” (Jan. 4, 2018).

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