Bank of America CEO Says Crypto is Coming—If Only Regulators Would Stop Playing Hard to Get!

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Well, well, well! Look who’s talking! Bank of America (BoA) CEO Brian Moynihan thinks that US banks are just itching to dive into the wild world of cryptocurrency—if only the regulators would stop playing peek-a-boo! 👀💰

In a riveting interview with CNBC at the World Economic Forum in Davos, Switzerland (because where else would you discuss digital money?), Moynihan declared that if the rules are right, crypto payments could become “a real thing.” I mean, who wouldn’t want to pay for their morning coffee with a digital coin? ☕️💸

Picture this: crypto transactions sitting pretty next to credit cards, debit cards, and Apple Pay. It’s like a financial buffet, and everyone’s invited! 🍽️

“We have hundreds of patents on blockchain already,” Moynihan boasted. “We know how to enter the field.” Well, that’s great, Brian! But can you also tell us how to enter the field without tripping over the regulations? 🤔

From blockchain settlement systems to digital wallets, BoA has been racing to patent everything since 2018. But let’s be real—was it to foster innovation or just to cover their behinds? 🤷‍♂️

Meanwhile, US crypto regulations are moving slower than a snail on a treadmill. A lack of uniform licensing requirements and tax implications are putting the brakes on crypto-as-a-payment. Come on, regulators! Let’s get this show on the road! 🐌💨

Is crypto guidance on the way?

If campaign promises are any indication, blockchain and cryptocurrency adoption is expected to flourish under President Donald Trump. Although crypto wasn’t part of Trump’s 42 executive orders on day one (he was probably too busy tweeting), pro-industry regulations are expected soon. 📜🤞

According to S&P Global, leadership changes at the Federal Deposit Insurance Corp, Office of the Comptroller of the Currency, and Consumer Financial Protection Bureau could lead to clearer regulatory guidance on cryptocurrency this year. Or they could just decide to play musical chairs instead. 🎶🪑

Although the Trump administration has vowed to consolidate government offices, don’t hold your breath for any meaningful changes in bank regulations. Robert Maddox, a partner at Bradley Arant Boult Cummings, says, “There are more people interested in finding regulation and/or bank accounts for these cryptos than there are in reducing what people consider the regulatory structure in America.” Sounds like a party! 🎉

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2025-01-21 20:07