BNY Mellon CEO Robin Vince: Large banks will drive the next phase of crypto adoption.

BNY Mellon CEO Robin Vince stated at the Digital Asset Summit in New York that the next phase of crypto adoption will depend on large financial institutions, with banks connecting traditional finance with the digital asset ecosystem. 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 are likely to benefit first from tokenization. Vince stressed 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 while the US GENIUS Act has passed, the revised Digital Asset Market Clarity Act is still under development, with the draft's treatment of stablecoin yields remaining controversial. The latest compromise allows rewards related to user activity but does not allow 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 years of infrastructure development. (CoinDesk)