BoA Chief Predicts Banks Will Go Bullish on Crypto Once Rules Are More Defined Under Trump 

Following Donald Trump’s re-election as US President, the global cryptocurrency industry anticipates a range of pro-crypto initiatives in the upcoming months. In a recent interview, the chief of Bank of America (BoA) stated that banking systems would commit fully to crypto transactions once regulations for the sector were more clearly established.

The remarks from the BoA chief arrive shortly after the US SEC formed a special task force to begin creating crypto-related regulations following Trump’s return to the White House on Monday. In an interview on Tuesday, Brian Moynihan, the CEO of BoA, stated that once the crypto regulations became clearer, these digital assets could be seen as genuine fintech tools that could be incorporated into current financial services and businesses.

“We possess hundreds of patents related to blockchain already; we understand how to enter this sector.” “When regulations are introduced, you’ll see that the banking system will strongly enforce the transactional aspects,” Moynihan stated during the World Economic Forum in Davos, Switzerland.

Located in Charlotte, US, BoA was founded in 1998. Although the bank has kept its separation from offering its clients crypto-focused services, it has previously shared its perspective on cryptocurrency. In October 2021, the bank released a report stating that the cryptocurrency industry had grown too significant to overlook. Even back then, BoA expressed willingness to thoroughly explore crypto due to significant interest from institutional investors.

Currently, Moynihan is one of several anticipating President Trump’s executive orders on cryptocurrency to determine Bank of America’s approach to crypto services. During his campaign for re-election, Trump, who was the 45th President of the United States, vowed to transform the US into the global hub for cryptocurrencies. He has mentioned the idea of establishing Bitcoin as a reserve asset. The present valuation of the cryptocurrency market is $3.62 trillion (approximately Rs. 3,12,61,550 crore), according to CoinMarketCap.

In the face of regulatory ambiguity about crypto worldwide, numerous traditional banks have been hesitant to get involved with the unpredictable industry. Certain financial institutions, nonetheless, have tried out crypto services even with the uncertainty in associated regulations. In recent years, Standard Chartered, Goldman Sachs, and ZA Bank from Hong Kong have ventured into cryptocurrency services.