The Bank of America, which has a history to take a backseat in the crypto industry, is willing to launch its own dollar supported by Stablecoin if U.S. lawmakers approve the law allowing it to do so, said by CEO this Tuesday.
“If they do that legal, we will go to that business,” Bank of America’s CEO said Brian Moynihan in a interview David Rubenstein was with the Economic Club of Washington, DC on Tuesday.
Moynihan said he believed that there would be a US dollar -supported dollar, which is being given digital assets as it is like money market funds or bank accounts. It depends on the passage of Congress law; Lawmakers and White House Crypto and AI Czar David Sacks suggested the law could move within the first 100 days of President Donald Trump.
“It is pretty clear that there will be a stablecoin, which will be completely dollars to be backed, (…) so you will have a Bank of America coin and a US dollar deposit and we will be able to move these This is back because now it’s not legal that we do it but it’s like another foreign currency, “he said.
Compared to companies such as JP Morgan and Citigroup, Bank of America has been careful of its involvement in crypto. But the transfer of regulations can force its hand.
The Trump administration has made it clear that it will support any efforts in the crypto space in part by providing clearer regulatory guidelines, likely to increase competition to Wall Street banks in the sector. Charles Schwab, another bank who had previously been restrained, recently hired a head of digital assets as he explored opportunities in space.
Stablecoin’s economy has received support from both Democrats and Republicans, making the establishment of laws for these types of digital assets that are simpler than other crypto areas. To move things, a group of lawmakers earlier this month promised that Congress would pass the Stablecoins law within the first 100 days of Trump in office.
While Democrats have expressed concerns about the use of stablecoins for illicit activities, Republicans have full control over Congress, making it likely to pass a gentle approach to digital assets, even though Any final bill is likely to require some kind of support to bipartisan.
The sector is a major force in payments. Stablecoins facilitated more than $ 33 trillion in the amount of transaction over the last year, combining visas and Mastercard, according to data from the visa.
