NEW YORK — Amy Oldenburg, the head of digital asset strategy at Morgan Stanley (MS), rejected the idea that Wall Street is only now embracing crypto due to fear of missing out, arguing that large banks are acting after years of preparation.

“TradFi is getting FOMO and is now getting involved … it really isn’t accurate,” Oldenburg said during a panel at the Digital Asset Summit in New York on Tuesday. “We’ve been on a journey around the entire modernization of financial infrastructure for years.”

Her comments come as major U.S. banks, long seen as cautious on crypto or latecomers to the industry, begin to expand their offerings. For years, firms like Morgan Stanley restricted activity to indirect exposure, such as offering…