Bank of America CEO Signals Shift Toward Crypto Payments, If Regulations Allow

Although Wall Street has shown hesitation to embrace digital assets, Bank of America CEO has stated that new regulations under President Donald Trump could encourage big banks to adopt cryptocurrencies,

In a latest development, the Bank of America CEO Brian Moynihan said on Tuesday that the U.S. banking industry will embrace cryptocurrencies for payments if regulators allow it.

Industry Approach Toward Crypto

Notably, the head of the second largest U.S. bank by assets was asked about how the industry’s approach to crypto could change given President Donald Trump’s enthusiasm for digital currencies.

“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,” Moynihan said in an interview at the World Economic Forum in Davos, Switzerland.

Notably, American banks have largely refrained from allowing customers to use crypto for retail transactions, although they participate in bitcoin ETFs through their institutional arms. Jamie Dimon, CEO of JPMorgan Chase, has criticized bitcoin as a currency for criminals. 

Crypto: Just Another Payment Method

Bank of America CEO Brian Moynihan emphasized that crypto could become just another payment method alongside traditional options like Visa or Apple Pay, noting the bank’s expertise in blockchain technology. However, he did not comment on the use of cryptocurrencies like bitcoin as an investment or store of value.

Besides, as per a recent report by Reuters, Circle CEO Jeremy Allaire shared that Trump is expected to announce important executive orders right after his inauguration. These policies, according to Allaire, would simplify crypto trading for banks, making it easier for clients to invest in and hold digital assets.

The announcement signals a potential shift in mainstream financial institutions’ stance on digital assets, highlighting growing interest in integrating crypto into traditional payment systems. Leaders across the crypto industry are enthusiastic that the new Trump administration will help drive adoption of cryptocurrencies and investment into the burgeoning industry.