According to the United States Securities and Exchange Commission (SEC), a digital asset is one "issued and transferred using distributed ledger or blockchain technology." In plain, practical English, we're talking about cryptocurrency - but there's much more to it. Digital assets can be non-fungible tokens (NFTs) - which are typically unique works of art, real-world or Metaverse-based property or property shares - tokens, "stablecoins" backed by fiat currency, and central bank digital currencies (CBDCs). If it's issued or transferred on a blockchain, it's a digital asset. In our view, the public should enjoy the use of all of it, and investors should take on exposure to most of it.