Gold Financial reports that on March 25, BNY Mellon CEO Robin Vince stated at the New York Digital Asset Summit that the next phase of adoption in the crypto industry will depend on large financial institutions, with banks connecting traditional finance and the digital asset ecosystem.
Robin Vince mentioned that BNY Mellon has already provided digital asset custody services and emphasized tokenization as 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 like lending and real estate may benefit first from tokenization.
Robin Vince emphasized that trust and regulation will influence the industry’s development speed and stated that clear regulatory frameworks and “definite rules” are needed. He added that the US GENIUS Act has been passed, while the revised Digital Asset Market Clarity Act is still progressing. The draft still faces controversy over how to handle stablecoin yields; the latest compromise allows rewards related to user activity but does not permit paying interest on stablecoin balances. He also noted that institutional participation still depends on security and regulation, and this process will take 5 to 15 years.
Morgan Stanley’s Amy Oldenburg said that banks expanding into the crypto space are not doing so for speculation but as a progression after years of infrastructure development.
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