Ruth Crowell

Guided LBMA policy work on Good Delivery standards, responsible sourcing and vaulting practices that materially affect which physical bars are accepted as high‑quality bullion. Concrete outputs under this leadership included revisions to the Good Delivery list criteria, updates to responsible sourcing audit requirements and guidance on chain‑of‑custody documentation. These documented standards are directly referenced by custodians and issuers when asserting that specific bars qualify as backing for tokenised gold products. Interacted with market participants and custodians to operationalise vault acceptance policies and audit protocols, producing the compliance conditions that service providers like Paxos rely on when selecting bars for PAXG backing. By tightening sourcing and audit expectations, these reforms changed how issuers document provenance and perform due diligence on bars that underpin on‑chain tokens. Communicated LBMA positions publicly and via member guidance, which exchanges, auditors and custodians use when assessing eligibility and acceptability of bullion backing tokenised instruments. The procedural and documentary requirements introduced or reinforced under this leadership directly influenced the custodial selection, audit workflows and public claims about London Good Delivery compliance for PAXG reserves.