MSCI Faces Growing Pushback Over Proposed Exclusion of Crypto-Heavy Firms

Some companies have large amounts of digital assets, and there are some disputes on how companies like these should be included in certain global equity index listings. Strategy (NASDAQ: MSTR), which holds a fair amount of crypto as part of its corporate treasury, tried to persuade MSCI’s Equity Index Committee to reject the proposal that aims to exclude companies holding more than 50% of their assets in crypto. Strategy mistrusts this rule as it believes that crypto treasuries are being targeted while other concentrated asset businesses, gold miners or real estate, are left untouched. 

Strategy states that the application of this rule fosters a bad understanding of how these treasuries operate, a disincentive to transparency, and a misrepresentation of the underlying assets that are held in these treasury equivalents, which, in turn, muddies the transparency of the treasuries. This creates confusion in the analytics and distorts the underlying benchmarks. More and more businesses are incorporating digital assets, and as regulators are beginning to implement rules, this creates a path to more digital assets being used beyond their original intended purpose.

Practical Uses of Digital Assets in Industry

The MSCI dispute has drawn attention partly because the use of digital assets is expanding well beyond traditional finance. Gaming is one visible example, but it is far from the only sector testing crypto-based features as part of everyday operations. On some online platforms, this shift shows up in practical options such as playing poker with crypto, which appeal to players who already hold digital currency and want a straightforward way to participate without converting funds. Bitcoin poker platforms, for example, often support large player bases, host major tournament events, and provide near-instant withdrawals. This makes crypto a practical option for frequent or international players rather than a novelty.

Other industries are exploring digital assets for efficiency, too. Logistics firms are using blockchain to track shipments and verify delivery documents, reducing paperwork errors and preventing disputes. Luxury retailers issue digital certificates to confirm the authenticity of high-end products, which helps protect buyers and resale markets. Musicians and content creators are using token-based payments to distribute royalties directly to collaborators, which reduces delays and the need for intermediaries. Travel companies are experimenting with crypto for deposits or last-minute bookings in regions where conventional payment methods are slow, costly, or restricted. Even small-scale freelance platforms are testing crypto for international payments to reduce cross-border fees and processing times.

These examples share a common thread: digital assets are added as optional tools rather than central products. They help reduce administrative work, speed up transactions, and improve transparency. This context shows why MSCI’s decision matters beyond finance. Companies considering digital-asset features want assurance that openly holding or using these assets will not create classification issues, even when the assets support routine operations rather than define the business itself. 

US Banks Receive New Guidance on Crypto Trades

The Office of the Comptroller of the Currency released instructions stating that national banks can conduct riskless principal crypto transactions. In these transactions, a bank takes the opposite side of a customer order for a moment, then immediately balances that position. Banks already use this technique for other assets. However, they wanted some written validation of being able to use it for the digital currency.

There are guidelines clarifying that banks must continue to observe consumer protection regulations, as well as guidelines pertaining to the prevention of the laundering of monetary instruments. These primarily clarify that we are not acting to broaden the parameters of the transactions banks are able to perform, but that we are acting to increase operational certainty for banks that are supporting customers performing transactions using digital assets. This action reflects the increasing willingness of the regulators to provide guidance that is both protective of the activity and facilitates innovation, but also relates to the concerns expressed in the MSCI debate. This also shows that regulators appreciate the concerns surrounding digital assets from other business activities.

Singapore Takes Top Ranking for Crypto Competitiveness

Singapore placed first in Bybit and DL Research’s World Crypto Rankings 2025 with a score of 7.5 out of 10. The report highlights the country’s licensing system, digital literacy, and growing use of tokenized real-world assets. These tokenized assets now carry an estimated value of about US$25.7 billion, up more than 60 percent since early 2024.

The United States followed with a score of 7.3, while Lithuania placed third at 6.3. Rankings like these show how governments and regulators are creating conditions for responsible adoption. They also connect to the MSCI debate because they demonstrate how national policies can influence investor confidence in digital-asset holdings. Companies must understand both domestic and international rules when planning digital-asset strategies or reporting for financial indices.

A Turning Point for Digital-Asset Treasuries

MSCI's future decision isn't just about index management. It's about how traditional financial institutions will view companies that hold or use digital assets. With new banking guidance, international rankings, unfolding legislation, and some companies focusing on digital tools for day-to-day operations, the landscape is changing.

MSCI's outcome will be central for companies trying to determine if they should implement digital-asset systems. The outcome will determine how companies shift their focus, their publication priorities, and how they choose to integrate digital assets with traditional financial systems.