kaal:claim:3936876-024

Applying the trust label to digital asset firms without an accompanying fiduciary duty is problematic, because the typical legal obligation of a trust company is to place customers' interests above its own.

Source quote, verbatim

The applicability of the trust label to digital asset firms, without a fiduciary duty, can be problematic. A typical legal obligation for trust companies is a fiduciary duty – to place customers' interests above the company's own.

From

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021), III.1 Depository Institution Requirements, p. 21
https://ssrn.com/abstract=3936876 · source PDF

Cite as

Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

Holds when

state trust charters used by digital asset firms

Classification

normativesupport: arguedfailure: trust charter without fiduciary dutyfamily: adoption-and-usability-barrierreputationgovernance-designcorporate-governanceregulatory-failure

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