Bank of America CEO mulls entering stablecoin business

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Ready for the Crypto Craze? Bank of America May Just Dive In! 💰😂

So, brace yourselves, folks! Brian Moynihan—yes, that guy, CEO of Bank of America—recently had a little chit-chat at the Economic Club of Washington, DC, and, spoiler alert: he hinted that they might dip their toes into the stablecoin pool. You know, just a casual swim if Congress plays nice and wraps up some laws. 🏊‍♂️

According to Fortune, he boldly declared, “If they make that legal, we will go into that business.” Because what better way to prop up the economy than with shiny new tokens? 💸

But here’s the kicker: he mentioned possibly rolling out dollar-backed tokens linked to your good old deposit accounts. Yet, in true corporate style, he left us hanging with little detail about these potential products. It’s like waiting for the next season of your favorite show, but all you get is a teaser! 🎭

Stablecoins are expected to become the proverbial golden children under all administrations—because who doesn’t love a little regulated fun? Under Trump’s watch, apparently, these overcollateralized beauties could help keep the US dollar dominant in international trade and bring those stablecoin firms onshore, whatever that means! 🙄

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Stablecoin regulations become priority for US lawmakers

Now, let’s dive into the regulatory jungle! Several bills are on the table like a plate of spaghetti at an Italian grandma’s house. We’ve got the Lummis-Gillibrand Payment Stablecoin Act, the Clarity for Payment Stablecoins Act of 2024, and even a GENIUS stablecoin bill—because who doesn’t want their bills to sound like a Saturday morning cartoon? 🍝

In what appears to be a bipartisan effort, Rep. Maxine Waters recently shouted “regulate these coins!” during a conference. She’s like the superhero we didn’t know we needed in the cryptocurrency saga. 🦸‍♀️

She’s got her eye on Patrick McHenry’s bill like it’s the last slice of pizza, claiming it’s better than other legislation. And Senator Bill Hagerty wasn’t left out; he added a special clause to let stablecoin issuers with a cool less-than-$10 billion market cap be regulated at the state level. Because why not add a little flavor to the mix? 🍕

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Meanwhile, Federal Reserve governor Christopher Waller is over here saying banks should strut their stuff and issue stablecoins like they’re the latest fashion trend. Apparently, it’s a chance to revamp international commerce—and who can resist the thrill of bureaucracy with a side of dollar-pegged tokens? 💃

He mentioned private sector peeps looking to jump on the stablecoin train for cute little retail payments—because instant settlements are the new black. Why wait weeks for your money when you can have it faster than you can say “transaction costs”? 💸✨

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2025-02-26 21:11