According to Odaily Odaily, 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, with banks connecting 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 noted that sectors such as lending and real estate are likely to be among the first to benefit from tokenization.
Robin Vince emphasized that trust and regulation will affect the speed of industry development, stating that a clear regulatory framework and "clear rules" are needed. He added that the US GENIUS Act has been passed, while the revised Digital Asset Market Clarity Act is still under development. The draft's treatment of stablecoin yields remains controversial, with the latest compromise allowing rewards related to user activity but not allowing interest payments on stablecoin balances. He also stated that institutional participation still depends on security and regulation, and that this process will take 5 to 15 years.
Morgan Stanley's Amy Oldenburg stated that banks' expansion into the crypto space is not driven by hype, but rather by the advancement following years of infrastructure development. (CoinDesk)
