New digital asset standards could avoid legal messes such as those faced by collapsed crypto exchange FTX, the International Swaps and Derivatives Association (ISDA) has said.

ISDA, whose 1,000 members include major banks such as JPMorgan Chase and HSBC, set out new digital asset standards and guidance for navigating crypto bankruptcies on Thursday.

“Recent failures in the crypto market have emphasized the importance of having a clear, consistent contractual framework that spells out the rights and obligations of both parties following a default,” said Scott O’Malia, ISDA’s chief executive, in a statement, adding that new definitions would aid legal certainty.

Further guidance also seeks to avoid creditors getting left in the lurch by years-long bankruptcy cases such as FTX. While many in the crypto space believe ownership is determined only by passwords – “not your keys, not your coins,” as the saying goes – judges may take some convincing.