Sullivan & Cromwell and Digital Asset to Join the Regulated Settlement Network Proof-of-Concept

Industry proof-of-concept is investigating the potential for shared ledger technology to upgrade liquidity management and financing for domestic users of U.S. dollars and Treasury securities.

July 18, 2024, New York, NY –The Securities Industry and Financial Markets Association (SIFMA) today announced that members of the U.S. financial sector have selected Sullivan & Cromwell and Digital Asset to support the Regulated Settlement Network proof-of-concept (PoC).

The RSN PoC, announced on May 8, is currently exploring the feasibility of shared ledger technology to settle tokenized commercial bank money, wholesale central bank money, U.S. Treasury securities and other tokenized regulated assets.

Sullivan & Cromwell will provide a legal analysis of how the envisioned network would be treated under existing laws, rules, regulations, and guidance in the United States, and whether any amendments to applicable legal framework(s) would be necessary to permit its operation.

Digital Asset will provide the technology infrastructure for the PoC, including configuration, functional and API changes, test case development and test case execution.

About the RSN PoC

The Securities Industry and Financial Markets Association is serving as Program Manager for the RSN PoC. Participants in this project include Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa and Zions Bancorp. Deloitte is providing advisory services.

The PoC is also made up of a group of U.S.-based project contributors, including the Bank of New York Mellon, Broadridge, DTCC, The International Swaps and Derivatives Association, Tassat Group and the MITRE Corporation, which will engage as a non-commercial knowledge contributor.

Media Contacts 

• Sullivan & Cromwell – Melissa Martin, martinmm@sullcrom.com 
• Digital Asset – Paul Patella, paul.patella@digitalasset.com
• Bank of New York Mellon – Ryan Wells, ryanw@bnymellon.com
• Broadridge – Gregg Rosenberg, gregg.rosenberg@broadridge.com
• Citi – Victoria Ifan, victoria.ifan@citi.com
• DTCC – Kristi Morrow, kmorrow@dtcc.com
• ISDA – Christopher Faimali, cfaimali@isda.org
• J.P. Morgan – Nadine Youssef, nadine.n.youssef@jpmorgan.com
• Mastercard – Biz Cozine, biz.cozine@mastercard.com
• MITRE Corporation – Robert Gallic, rgallic@mitre.org
• SIFMA – Katrina Cavalli, kcavalli@sifma.org
• Swift – Jack Rich, jack.rich@swift.com
• Tassat Group – Glen Sussman, glen.sussman@tassat.com
• TD Bank N.A. – Catherine Achey, catherine.achey@td.com
• U.S. Bank – Lindsey Gehrig, lindsey.gehrig@usbank.com
• USDF – Rob Morgan, rob@usdfconsortium.com
• Visa – Matt Rowntree, mrowntre@visa.com
• Wells Fargo – Patrick Abberton, Patrick.abberton@wellsfargo.com
• Zions Bancorp – Rob Brough, Robert.brough@zionsbank.com