Bank Of America Has No Plans To Offer Crypto Services

CEO of Bank of America has stated that the company will not be selling cryptocurrency-related services in the near future

Bank Of America Has No Plans To Offer Crypto Services
Bank Of America Has No Plans To Offer Crypto Services

CEO Says Bank Of America Will Not Offer Crypto Services

Despite acknowledging the importance of digital payments in today’s economy, the CEO of Bank of America claims that regulatory barriers prohibit the bank from expanding further into the sector.

When speaking at the World Economic Forum on Saturday, Moynihan was asked about what the Bank of America “may or may not” do with cryptocurrencies in the future.

The CEO said, “We can’t do it.” “By regulation, we’re not really allowed to engage.”

Regulatory difficulties have become a recurring subject in the cryptocurrency business in the United States.

Blockchain Companies Are Wary Of The SEC

Whether it’s because of worries about the issue of a certain token (ex. Ripple) or the lending practices of certain platforms (ex. Coinbase), blockchain companies throughout the world are wary of when the Securities and Exchange Commission (SEC) may move next.

Things would be a lot easier if the private sector knew which cryptocurrencies and tokens are considered unlawful securities, but that isn’t obvious yet.

That’s why, in March, US President Joe Biden signed an executive order to help unify regulatory framework research and development in the digital asset field.

Senator Cynthia Lummis is also planning to introduce a bill that will neatly organize the regulatory categories of digital assets as well as the jurisdiction of federal agencies.

Bank of America, on the other hand, will limit itself to creating research reports on the crypto market until such legislation is passed. For the time being, products such as cryptocurrency bank accounts are off the table.

Gary Gensler, the chairman of the Securities and Exchange Agency, has previously encouraged crypto trading platforms to engage with the commission about their operations in order to reach an agreement. However, according to Moynihan, it isn’t that straightforward.

“They’ve said ‘you have to ask us before you do it – and by the way, don’t ask’,” explained the CEO.