US Banking Industry May Embrace Crypto Payments, Says Bank of America

The US crypto economy is on the cusp of a significant overhaul as Donald Trump begins his second term as President. Predicting a major reform in the US financial landscape, Bank of America CEO Brian Moynihan shed light on the possible inclusion of crypto payments in the banking industry.

Despite Trump’s explicit silence on crypto on his inaugural day, the community remains optimistic about the potential policy announcement. If the Trump administration greenlights crypto payments in banks, it could be a game-changer for the US financial landscape.

Bank of America Sees Crypto Payments in US Banking

In a CNBC interview, Bank of America CEO Brian Moynihan asserted that US banks would embrace crypto payments if regulators permit. Addressing cryptocurrencies as just another mode of payment like Visa or debit card, Moynihan stated,

If you go down the street here and you go in and buy lunch, right, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc, this would just be another form of payment. We have hundreds of patents on blockchain already, we know how to enter the field.

Clear Regulations Key to Crypto Payments

Further, the Bank of America CEO highlighted the necessity of clear regulations for the smooth functioning of crypto payments. “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” stated Moynihan. The CEO’s statement sparks optimism, particularly in light of the crypto market’s expectation of a potential regulatory overhaul under the new SEC Chair Paul Atkins.

Though the CEO was vocal while narrating the banking industry’s approach to the new administration’s potential policy shift, he remained silent about crypto investments. Moynihan didn’t comment on the status of cryptocurrencies as a store of value. Instead, he dismissed the query, positing that it was a “separate question.”

Trump May Greenlight Crypto Trading in Banks: Circle CEO

Recently, Circle CEO Jeremy Allaire commented on the Trump administration’s imminent decision to allow crypto trading in banks. Allaire expected that Trump’s executive orders would pave the way for banks to offer crypto trading services.

Such a move could effectively dismantle Operation Chokepoint 2.0, a term that refers to the government’s alleged indirect control and suppression of the cryptocurrency sector. However, as Trump has excluded crypto terms from his first raft of executive orders, the community remains ambiguous about the administration’s next move. Only Trump’s next executive orders will reveal whether the Bank of America CEO and Allaire’s statements will come to fruition.

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Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.