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, [email protected] 
• Digital Asset – Paul Patella, [email protected]
• Bank of New York Mellon – Ryan Wells, [email protected]
• Broadridge – Gregg Rosenberg, [email protected]
• Citi – Victoria Ifan, [email protected]
• DTCC – Kristi Morrow, [email protected]
• ISDA – Christopher Faimali, [email protected]
• J.P. Morgan – Nadine Youssef, [email protected]
• Mastercard – Biz Cozine, [email protected]
• MITRE Corporation – Robert Gallic, [email protected]
• SIFMA – Katrina Cavalli, [email protected]
• Swift – Jack Rich, [email protected]
• Tassat Group – Glen Sussman, [email protected]
• TD Bank N.A. – Catherine Achey, [email protected]
• U.S. Bank – Lindsey Gehrig, [email protected]
• USDF – Rob Morgan, [email protected]
• Visa – Matt Rowntree, [email protected]
• Wells Fargo – Patrick Abberton, [email protected]
• Zions Bancorp – Rob Brough, [email protected]