Bank of America predicts adoption of cryptocurrencies in payments if there is regulatory clarity
- Bank of America values clear rules on crypto
- Trump may enable cryptocurrency payments
- Banks seek verified and reliable transactions
Bank of America has signaled greater openness to cryptocurrency payments, as demonstrated by recent statements by its CEO, Brian Moynihan. In an interview, he stated in Portuguese: “If the rules come into effect and become this is something real, you will see the banking system enter strongly into the transactional part.” This observation indicates that the regulatory scenario is decisive for the adoption of digital assets as a payment method, as banks seek clear guidance to ensure transparency and reliability in operations.
Moynihan also compared cryptocurrencies to established tools in everyday life, saying, “If you walk down the street and buy lunch, if you can pay with Visa, Mastercard, a debit card, Apple Pay, etc., that’s just another form of payment.” These comments reinforce Bank of America’s position in acknowledging that it is technically feasible to incorporate blockchain solutions into banking services, as the institution holds several patents in the area.
Circle CEO Jeremy Allaire has suggested that the Trump administration’s pro-crypto stance could pave the way for banks to directly offer cryptocurrency trading. This bullish view includes the possibility of modifying or repealing Staff Accounting Bulletin (SAB) 121, which classifies crypto as a liability on financial institutions’ balance sheets, making it harder for banks to adopt crypto on a large scale.
Additionally, Allaire believes the government could end practices similar to “Operation Choke Point 2.0.” This move would have restricted banking services to cryptocurrency companies, as many institutions preferred not to get involved in projects deemed risky or undefined by previous regulations. As a result, the digital asset market in the United States has faced obstacles to expansion through traditional channels.
Given regulatory uncertainty, several U.S. banks have chosen to stay away from direct cryptocurrency transactions, focusing instead on specific activities such as trading Bitcoin-linked funds or providing custody solutions for large clients. Moynihan’s comments, however, indicate that larger institutions can enter this market more broadly, provided that there are specific rules that legitimize the practice and offer legal certainty.
Despite having omitted mention of cryptocurrencies in its first executive orders, Donald Trump's government is expected to propose measures that establish clearer guidelines. Many analysts believe that, with defined rules, banks will be able to integrate cryptocurrency payments into their services, expanding the variety of options for customers. Moynihan did not mention the use of Bitcoin or other digital assets as a store of value, but he stressed that this topic does not preclude the adoption of cryptocurrencies as a form of payment.
In short, the discussion on cryptocurrency payments in the banking sector depends on a regulatory framework that meets the demands of institutions, seeking reliability and traceability. If expectations regarding an official position are confirmed, the tendency is for large banks, such as Bank of America, to dedicate themselves to launching solutions that bring customers closer to the crypto ecosystem, without compromising the compliance requirements imposed by the authorities.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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