finance
Crypto Infrastructure Advances at Wall Street Event
A bonus episode of CoinDesk's Public Keys podcast recorded at the NYSE during Consensus 2026 examined the growth of crypto ETFs and institutional infrastructure. Speakers discussed single-token ETFs, in-kind creation, staking, and pending legislation.
May 20, 2:00 PM·1m read2 sources
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The discussion focused on the evolution of crypto ETFs and the institutionalization of digital asset infrastructure. Grayscale's Krista Lynch joined the program to address eight single-token ETFs and the rise of crypto indexing. She also spoke about in-kind ETF creation and how the mechanism has brought crypto whales to Wall Street.
Lynch explained why crypto whales seek ETF exposure and described the current state of advisor education and crypto onboarding. She noted that staking has begun to appear inside the ETF wrapper. Morgan Stanley's Amy Oldenburg appeared next and discussed the firm's 50 basis point spot crypto trading fee.
She described top-of-house alignment at the firm and what was happening behind the scenes in 2024. Oldenburg stated that MSBT reached $230 million and became Morgan Stanley's most successful ETF launch ever. She also addressed whether the product is over-hyped or underrated and projected $1 billion in MSBT by year-end.
BitGo CEO Mike Belshe joined the conversation four months into the firm's life as a public company. He spoke about the institutionalization of crypto infrastructure and why the Genius and Clarity Acts matter. Belshe noted that Coinbase still charges retail investors 130 basis points.
He also discussed BitGo's OCC charter and the future of reserve banking, along with what the Clarity Act actually changes. The episode concluded with the observation that traditional finance is waiting for the legislative stamp of approval.
The conversation highlighted how in-kind creation has allowed large holders to move directly into regulated products. Speakers said this development has increased participation from institutional players.
Participants addressed pending legislation and its potential effects on custody, staking, and trading fees. They said traditional finance firms are monitoring developments closely.
The discussion covered public company transitions and charter applications. Speakers described how these steps support broader institutional adoption of crypto services.
