Catenaa, Saturday, January 25, 2025 – Bank of America CEO Brian Moynihan has signaled that the banking industry is prepared to adopt cryptocurrencies for payments—if regulatory clarity is established. Speaking at the World Economic Forum on Tuesday, Moynihan emphasized the importance of clear rules to unlock the sector’s potential in crypto transactions.
“If the rules come in and make it a real thing that you can actually do business with, you will find the banking system will come in hard on the transactional side of it,” Moynihan said in an interview with CNBC.
Moynihan highlighted the need for verified, non-anonymous transactions as a prerequisite for crypto integration in banking. He also revealed that Bank of America has heavily invested in blockchain technology, holding hundreds of patents and already processing the majority of its transactions digitally.
Contrary to concerns raised by some industry leaders, Moynihan dismissed the idea of cryptocurrencies like Bitcoin threatening the U.S. dollar. He described digital assets as a complementary payment method alongside traditional platforms such as Visa and Apple Pay.
The remarks come as regulatory uncertainty continues to hinder crypto adoption among U.S. banks. Policies like the SEC’s Staff Accounting Bulletin (SAB) 121 have imposed compliance burdens, leading many banks to halt crypto initiatives.
Looking forward, the Biden administration’s regulatory stance has been criticized, but optimism remains under President Donald Trump, who is expected to provide clearer guidelines for digital assets.
