Regulation and greater public confidence are keys to the broad adoption of bitcoin and other cryptocurrencies, according to a new report from S&P Global Ratings.

The report notes the “wave of excitement about cryptocurrencies in general and bitcoin in particular, which have become more acceptable as investments or as a means of payment.” It also notes the limits imposed on broad-based use of digital currencies due to the lack of regulations and the excessive price volatility.

Until there is more regulation and greater public confidence, S&P Global Ratings analysts expect cryptocurrencies will “continue to be speculative instruments, which investors mostly use as a store of value rather than a means for commerce.”

To date, the U.S. Office of the Comptroller of the Currency (OCC) has ruled that national banks and federal savings associations of all sizes may provide custody service for crypto assets, participate in public decentralized networks, and accept stablecoins to settle payments.

The SEC is letting special purpose broker-dealers custody digital assets under certain conditions, while it solicits comments on “evolving standards and best practices” for the custody