Despite the summer lull, institutional interest in the crypto industry has been increasing. Companies are filing for spot bitcoin ETFs and discussing custody and upcoming legislation in the US Congress. Anchorage Digital, a bank offering custody services for securities in the crypto industry, has observed companies wanting to do business outside of the US, with Europe and Singapore leading the way in getting regulation right. However, regulatory clarity in the industry is still lacking, and Anchorage believes that federal regulation is necessary for the industry to have the desired impact. Tax implications are a major factor for companies seeking to operate outside of the United States, with many wanting to avoid regulatory and tax burdens.