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US Banks Poised to Embrace Crypto Transactions Under Trump’s Pro-Crypto Stance

US Banks Poised to Embrace Crypto Transactions Under Trump’s Pro-Crypto Stance

US banks are eyeing the integration of cryptocurrency transactions into their services, but the move hinges on clearer regulatory guidelines, according to Bank of America CEO Brian Moynihan.

Speaking on CNBC’s Squawk Box, Moynihan expressed optimism that the banking industry would embrace digital assets once regulations are solidified, emphasizing the potential for crypto to become a viable payment method alongside established systems like Visa and Apple Pay.

Moynihan highlighted that while banks already handle a vast majority of money digitally, regulatory clarity remains the key obstacle to entering the crypto space. He added that his bank has secured numerous blockchain patents, positioning it to act swiftly if regulatory barriers are lifted.

In recent years, regulatory uncertainty has kept US banks cautious about engaging with crypto businesses. Policies like the SEC’s Staff Accounting Bulletin (SAB) 121 under the Biden administration forced banks to classify customer-held crypto as liabilities, discouraging innovation. This approach, dubbed “Operation Choke Point 2.0,” drove many financial institutions to scale back their crypto initiatives or leave the market altogether.


READ MORE: New SEC Filing Proposes Official Trump Token ETF Amid Rapid Crypto Market Growth


However, a significant policy shift is anticipated under President Trump’s administration. Trump has pledged to repeal SAB 121 and dismantle restrictive measures, aiming to create a more favorable environment for crypto adoption. Industry leaders believe these changes will accelerate the integration of crypto into traditional banking, supporting broader adoption.

Although cryptocurrency received no mention during Trump’s inauguration, insiders remain confident that his administration will prioritize crypto-related reforms, including executive orders to advance the industry and potentially pardon figures like Silk Road founder Ross Ulbricht. With these changes, US banks could soon become pivotal players in the digital asset ecosystem.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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