The Bank of New York Mellon (BK) Bank of America Financial Services Conference 2026 summary

Macro and market trends

• Crypto experienced a sharp correction in late 2025 due to a mini credit event and $19 billion in leverage unwinding, leading to a chill among retail and crypto-native participants, with no significant support from traditional finance.

• The current phase is seen as a maturation rather than an extinction, with less demand for speculation and a higher bar for crypto projects to prove value.

• Regulatory tailwinds and the integration of tokens into revenue-generating systems are expected to drive new capital formation processes, making tokens more competitive with equities.

Regulatory developments and outlook

• The current U.S. administration is viewed as highly supportive of digital assets, with the SEC's Project Crypto and the Clarity Act seen as positive steps toward reducing ambiguity and fostering innovation.

• Recent regulatory advances include the SEC's approval of tokenized money market funds with 24/7 trading and settlement, marking a significant milestone for on-chain securities.

• Industry leaders advocate for swift passage of the Clarity Act to provide predictability and prevent crypto from becoming a political issue.

Tokenization of real-world assets

• Tokenization of assets such as equities, bonds, commodities, and funds is expected to accelerate, with stablecoins serving as the foundational infrastructure.

• Major platforms are building broad portfolios of tokenized assets, and 24/7 trading is set to become a highlight by the end of the month.

• The NYSE and other institutions are moving toward tokenized stock trading, driven by superior infrastructure and efficiency.