At FIA Boca 2026, EDX Markets CEO Tony Acuña-Rohter joined TabbFORUM to discuss the next phase of digital asset markets and how institutional participation is evolving.
Key takeaways from the discussion included:
- Institutional adoption is shifting from “if” to “when”
- Large banks are expected to lead the next wave of market entry
- Broker-dealers are likely to follow as regulatory clarity improves
- Market structure will play a critical role in supporting institutional scale
During the interview, Acuña-Rohter highlighted the continued institutionalization of crypto markets.
“It’s no longer a question of if it’s going to happen. Now it’s all about when,” he said.
He noted that large banks are positioned to be the first movers, particularly as regulatory frameworks in the U.S. evolve.
“The next big wave that we’re seeing are the large banks,” he said. “And then we think that will quickly be followed by non-bank broker-dealers once we get additional guidance with the CLARITY bill passing through Congress.”
As institutional participation increases, Acuña-Rohter emphasized the need for infrastructure that can operate at scale. That includes venues designed to support high volumes, capital efficiency and risk management.
Central to that vision is the separation of core functions: exchange, clearing and custody.
“As these large institutions are joining the space, they need solutions that are really going to scale,” he said. “We continue to see favorable conditions for people to want separation of different functions within the exchange.”
He also discussed how EDX Markets was designed with this model in mind, operating as an exchange and clearinghouse that are segregated from one another, rather than a vertically integrated platform.
This, combined with the firm’s institution-only client base, positions EDX as a neutral venue for market participants, enabling brokers to pursue best execution without competing against the platform itself.
He also pointed to real-world applications of this model, noting that brokers such as Robinhood Crypto rely on neutral venues to seek best execution for their users. By avoiding conflicts of interest, these venues can compete for order flow while supporting better pricing and execution.
As the market continues to mature, Acuña-Rohter’s perspective points to a broader shift: institutional adoption is accelerating, but its success will depend on infrastructure that can match the reliability and efficiency of traditional financial markets.