State Street Bank's head of crypto business: Digital assets can bring order to private financial markets

According to The Block, Jay Biancamano, head of State Street's crypto business, said in an interview that digital assets will help private financial markets become the standard for transactions in the next 5 to 10 years. He also pointed out that due to the fees and other costs involved in stock exchanges, many traders' actual returns are much lower than the returns they would have received if all transaction costs were removed. Digital assets provide a more efficient option that could bring order to a booming private financial market. The U.S. SEC's recent decision to expand the definition of qualified investors has opened up more opportunities for retail investors to participate in private transactions.