[State Street Bank selects Taurus for cryptocurrency custody and tokenization] Golden Finance reported that State Street Bank is a global custody bank with $44.3 trillion in assets under management. In order to meet the more relaxed regulatory environment in the United States, State Street Bank selected Taurus, a cryptocurrency custody and tokenization company, to provide digital asset services. State Street Bank said that the bank's initial focus is on launching tokenized versions of traditional assets and will announce its first customer soon. Donna Milrod, Chief Product Officer and Head of Digital Asset Solutions at State Street Bank, said that State Street Bank has been "very vocal" about the need to revise SAB 121, which could force banks seeking to hold cryptocurrencies to maintain a large amount of capital to compensate for the risk. Milrod said in an interview: "While we started with tokenization, this is not our end point. Once U.S. regulations help us, we will also provide digital custody services. We know how to be a custodian. We don't do it on the balance sheet, we do it off the balance sheet. They are not our assets." Lamine Brahimi, co-founder and managing partner of Swiss Taurus, pointed out the benefits of tokenization, such as the ability to trade around the clock and optimize collateral management, while also echoing the need for an improved regulatory environment in the U.S. Brahimi said in an interview: "I am sure that this cooperation with State Street will send a positive signal to the U.S. financial market in general, which has been lagging behind Europe due to the impact of SAB 121."
