RFG has prepared, for its consortium members only, a white paper that discusses the issues encountered when an allocation is made to an investment manager that holds crypto assets. The white paper notes that crypto assets are not themselves an asset class, but rather a term used to address a wide variety of fundamentally different investments. As crypto assets are new, and untested, each asset needs to be considered on its own to determine whether it is “fit” for its stated purpose. Considerations should include both a coding perspective and the perspective of whether the crypto asset appropriately addresses existing legal frameworks that apply to transactions and transfers. The white paper suggests eight specific areas that might be considered as part of this analysis. A separate concern is whether the institutional participants that issue, purchase, trade and clear the crypto asset are sufficiently informed about applicable prudential regulations so that these organizations do not incur unexpected enforcement and regulatory risks. The white paper contains a chart summarizing key U.S. federal developments applicable to this space. Finally, the white paper suggests ways the diligence process for these assets might differ from the diligence used for other investments and how contract terms on many platforms seek to offset risk onto market participants in ways that may not be typical for other banking and securities arrangements. Endowments interested in joining the RFG consortium should contact Information@RegFG.com.