Wall Street’s Cryptocurrency Journey
NEW YORK — Amy Oldenburg, who leads digital asset strategy at Morgan Stanley, pushed back against the notion that big banks are now getting into cryptocurrencies purely out of fear of missing opportunities. Instead, she insists they’ve been preparing for this shift for many years.
During a panel discussion at the Digital Asset Summit in New York, Oldenburg stated, “TradFi has gotten FOMO and is engaged now…that’s not really accurate.” She emphasized that the financial sector has been working on modernizing its infrastructure for quite some time.
Her remarks are timely, given that major U.S. banks, often viewed as hesitant about cryptocurrencies, are starting to broaden their offerings. For some time, firms like Morgan Stanley have restricted themselves to indirect exposure, primarily by giving wealthy clients access to Bitcoin.
Recently, they have introduced features like a Spot Bitcoin exchange-traded fund (ETF) on E*Trade and are even in the process of launching their own Spot Bitcoin ETF.
Previously, regulatory uncertainties and issues surrounding custody and compliance held back broader involvement. However, Morgan Stanley is now moving forward with a clearer digital asset strategy that encompasses trading, asset management, and infrastructure initiatives.
Oldenburg mentioned that the bank is getting ready to support tokenized stock trading through alternative trading systems. “One of the things we are planning for the second half of 2026 is to change our trajectory to support tokenized equities later this year,” she noted. Their platform currently facilitates stocks, ETFs, and American Depositary Receipts (ADRs), which, according to her, naturally expand their capabilities.
She pointed out that updating core systems within an enterprise is no small feat. “We have to relearn what traditional infrastructure, pipes, and plumbing look like,” Oldenburg remarked, highlighting the challenge of modernizing legacy financial structures to enable faster transactions.
Oldenburg also drew attention to the divide between crypto startups and larger financial institutions. “There are a lot of other connection points that you need to connect to,” she said, indicating that many founders might not fully grasp the complexities of the banking system.
Despite these challenges, sectors like stablecoins are emerging as efficient alternatives for quicker and cost-effective money transfers, although the successful implementation of these innovations relies on a coordinated approach across the financial landscape. “We can’t modernize alone,” she stated. “This is an incredibly complex, integrated global network.”
She concluded by noting that activity in the space continues to grow, even amid low token prices. “It’s really in the early stages,” Oldenburg suggested, indicating that while integration between Wall Street and cryptocurrencies may take time, it’s certainly on the way.
