How the digital asset market grew up
For most of its early history, the digital asset market ran on infrastructure of its own. Trading took place on exchanges outside the regulated financial system, holders were largely responsible for safeguarding their own assets, and few rules had been written specifically for the asset class.
That changed over a short span of years. Regulated bitcoin futures began trading on CME in December 2017. In July 2020, the Office of the Comptroller of the Currency confirmed that US national banks could hold digital assets in custody for their clients. Spot bitcoin exchange-traded funds began trading in the United States in January 2024, and ether funds followed in July. In Europe, the Markets in Crypto-Assets regulation came into full effect in December 2024, and in July 2025 the United States enacted its first federal law for stablecoins.
Each step opened the market to a different group of investors. Futures gave institutions a regulated way to hedge and take exposure, bank custody gave them a familiar place to hold assets, and exchange-traded funds brought the market within reach of anyone with a brokerage account. Much of the infrastructure an institutional investor expects is now in place. The market itself is still maturing, and that is the subject of our next note.
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