Joel Revill, CEO of Two Ocean Trust on Becoming a “Qualified Custodian” for Digital Assets in Wyoming (S1, E2)

Joel Revill, CEO of Two Ocean Trust on Becoming a “Qualified Custodian” for Digital Assets in Wyoming (S1, E2)

In this podcast, I spoke with Joel Revill Founder and CEO of Two Ocean Trust, a Wyoming Chartered Trust Company offering wealth management services to high-net-worth individuals and family offices. We discussed the headline making no action letter it received from the Wyoming Division of Banking recognizing it as a qualified custodian for digital assets under the Adviser’s Act. Although more significant for digital assets that are securities, it is a first of its kind for a state chartered trust and provides greater regulatory clarity for Two Ocean Trust under Wyoming’s fairly developed digital asset laws. The clarity comes with greater supervision for Two Ocean Trust and with that, greater assurance to its client base. At the time of this interview, we knew that the Division of Banking had notified the SEC about the no action letter. Shortly after this interview, SEC’s Division of Investment Management released a public statement on the no action letter and invited the industry to comment on the application of the custody rule to digital assets and specifically to how it relates to the definition of qualified custodians under the rule.

In this inaugural episode of The Encrypted Economy, Joel talks about:

· His background & why Wyoming is compelling for asset management

· What it’s like working with Wyoming’s digital asset community & the Division of Banking

· His vision for Two Ocean Trust & differentiators

· The significance of the Division of Banking’s no action letter & how clients should view it

· What is driving clients to consider allocating to digital assets like Bitcoin.

Reading List

To learn more about the topics Joel and I discussed, check out this reading list.

· Two Ocean Trust Website

· Joel Revill LinkedIn

· Division of Banking No-Action Letter

· SEC Statement on the No-Action Letter

· My Article on Digital Asset Regulation

· Key Wyoming Regulations

o Wyoming SF 0125 – Digital Assets-Existing Law

o Wyoming HB 0074 – Special Purpose Depository Institutions

o Wyoming Digital Asset Custody Rules

o Wyoming SF 011 – Property Taxation Digital Currencies

o Wyoming Uniform Trust Code

· Investment Advisers Act of 1940

Tags: Investment AdvisorsBitcoinCrytocurrencyDigital Asset