Today BNY Mellon CEO Robin Vince published an opinion piece in the Financial Times calling for a reset after the recent crypto crisis. Many FT readers might be unaware of a critical context: rules are currently being finalized that might severely restrict BNY Mellon’s custodial role in the digital assets sector, mainly for cryptocurrencies but also for tokenized equities and bonds.
Vince said we should encourage digital asset innovation, particularly tokenization, while calling for regulations consistent with established rules and principles.
The FT article doesn’t directly reference the failed FTX cryptocurrency exchange but mentions the “fallout from co-mingled client assets, poor disclosure and missing internal controls.”
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