BNY Mellon CEO: Major Financial Institutions Will Drive the Next Phase of Crypto Adoption

Gate News reports that on March 24, Robin Vince, CEO of BNY Mellon, 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 stressed that trust and regulation will influence the industry’s development speed and called for clear regulatory frameworks and explicit rules. He added that the US GENUIS 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 could take 5 to 15 years. Morgan Stanley’s Amy Oldenburg stated that banks expanding into the crypto space are not doing so for speculation but as a progression after years of infrastructure development.