In this interview, Camila Russo sits down with Danny Ryan — former Ethereum Foundation researcher and a key leader behind Ethereum’s shift to proof of stake — now Co-Founder & President at Etherealize, to talk about the next big wave for crypto: institutional adoption of Ethereum.

Recorded in Buenos Aires during Devconnect, Danny breaks down why the mood inside banks has flipped from “we can’t touch crypto” to “if we don’t adopt it, we’ll be left behind.” We dig into what institutions actually want beyond ETFs, why the biggest opportunity isn’t “tokenizing assets” but rewiring markets from first principles, and why privacy is table stakes for institutional-grade onchain finance.

We also cover the regulatory whiplash of the last few years, what’s changed, what still needs to be written into law, and why Danny believes Ethereum is uniquely positioned for serious capital markets infrastructure.

Key topics:

Why banks suddenly have Ethereum FOMO
The difference between “tokenizing assets” vs rewiring markets
Where the biggest inefficiencies are (credit, fixed income, esoteric institutional markets)
Why privacy + ZK are essential for institutionsCoordination problems, incentives, and who doesn’t want markets to upgrade
Ethereum’s edge: neutrality, uptime, decentralization, and security

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Ethereum is for Institutions: Danny Ryan Says Tokenization Isn't Enough

The Defiant