The Future of Digital Assets & Finance: Trends and Evolving Structures in Crypto-Backed Lending

Join Pillsbury’s Daniel Budofsky and Robby Stein, as well as Cristhian Escobar, markets and derivatives counsel at Galaxy Digital, as they unpack the latest market trends in repo-style arrangements, prepaid forwards, structured loans and margin facilities, as well as novel constructs emerging in the wake of the Uniform Commercial Code’s new Article 12. The conversation will address core legal and operational questions—perfection, control, custody, rehypothecation, and the treatment of forks, airdrops and wrapped assets—through both a practical and regulatory lens.

The session will also dive into the convergence of TradFi and DeFi, examining how on-chain lending protocols, smart contract enforceability and tokenized collateralization are reshaping credit intermediation. Expect insights on how banks and nonbank lenders are adapting to recent regulatory guidance on capital treatment and custody of digital assets, and how documentation is evolving to capture this fast-moving terrain.

Panelists will conclude with a forward-looking discussion of emerging trends, including tokenization of real-world assets, the role of stablecoins and CBDCs in collateral markets, and how technology is redrawing the boundaries of secured finance.

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