While some institutional investors are interested in digital assets, the majority are still holding off due to a lack of regulatory clarity and ongoing turmoil in the space, industry experts said. "Institutions need legal certainty; they need very clear and precise rules and an understanding of the law," said David Adams, Washington-based Financial Services counsel, to Pensions & Investments. "And until they can get that in the United States, I think it's going to be very difficult for them to get comfortable with crypto." Historically, the SEC and the CFTC have disagreed on what constitutes a digital commodity vs. a digital security. However, Mr. Adams said, "It's not great for institutional investors because they don't like this chaos that they're seeing in the current space."