BNY Mellon’s Robin Vince Promoted to President, CEO

Bank of New York Mellon has said that vice chair Robin Vince will be the company’s new CEO, a Reuters report said Thursday (March 10).

He’ll replace Todd Gibbons, who’s retiring this year.

Vince is a Goldman Sachs Group veteran, having worked there for 26 years, and joined BNY Mellon in October 2020.

At Goldman Sachs, Vince had several roles including chief risk officer and treasurer.

Gibbons, set to retire this August, initially began running the bank on an interim basis in September 2019, when Charles Scharf departed to run Wells Fargo.

Read more: BNY Mellon CFO: U.S. Regulators Must Clarify Crypto Rules

BNY Mellon’s Emily Portney, the chief financial officer, has said there’s a need for more certainty on digital assets in the future, due to the current lack of clarity, PYMNTS wrote.

She said it was “a bit confusing about who actually regulates digital assets and especially crypto … and of course exactly what you can or cannot do.”

Her comments came as there’s been much frustration from banks over the way regulators are handling the issue.

And the sector is a lucrative one. According to CoinGecko, which tracks the sector, the crypto market cap could be sitting at over $3 trillion.

The desire for crypto regulation isn’t new – earlier in the year, a bipartisan group of U.S. lawmakers said the Commodity Futures Trading Commission (CFTC) should do more to control crypto.

The CFTC is looking more into the crypto market since it allowed Bitcoin to trade futures in 2017.

According to BCB Group CEO Oliver von Landsberg-Sadie, some of the main hindrances for the widespread adoption of crypto include the fact that many consumers don’t understand the basics of crypto, that it has limited places to use it, and there isn’t consistency in regulatory intervention.

Source https://www.pymnts.com/cryptocurrency/2022/bny-mellon-cfo-u-s-regulators-must-clarify-crypto-rules/