Svmuu News BNY Mellon CEO Robin Vince stated at the Digital Asset Summit in New York that the next phase of adoption in the crypto industry will depend on large financial institutions, as banks can bridge traditional finance with the digital asset ecosystem.
Robin Vince mentioned that BNY Mellon already offers digital asset custody services and emphasized that tokenization is a key focus, including creating new digital share classes for money market funds and issuing existing products in tokenized form. He also pointed out that sectors such as lending and real estate may be among the first to benefit from tokenization.
Robin Vince emphasized that trust and regulation will influence the pace of industry development, stating the need for a clear regulatory framework and "definitive rules." He added that the U.S. GENIUS Act has been passed, while a revised version of the Digital Asset Market Clarity Act is still advancing. The draft's treatment of stablecoin yields remains controversial, with the latest compromise allowing rewards related to user activity but not permitting interest payments on stablecoin balances. He also noted that institutional participation still relies on security and regulation, describing this process as a 5 to 15-year journey.
Amy Oldenburg from Morgan Stanley stated that banks' expansion into the crypto space is not driven by hype but is a progression following years of infrastructure development. (CoinDesk)