Bank of America (BAC) CEO Brian Moynihan announced Wednesday that the bank will be ready to explore stable coins once major crypto legislation is in place.
The future focus of Stablecoins
Moynihan speaks at the Morgan Stanley conference in New York, highlighting the bank’s ready to interact with it Digital currencyand noted: “We are working with the industry…but the previous issue is that it is not clear that we are allowed to do so under bank regulations.”
Moynihan noted that the bank has been considering launching its own Stablecoin since February, but will await key legislative measures before proceeding.
He added: “If they get the Genius Act or the Stabilization Act and the Market Infrastructure Promotion Work, this will help us determine if there are viable business opportunities in stablecoins.”
Despite these forward-looking statements, Moynihan also addressed challenges facing banks, predicting investment declines by more than 20%. Bank income Compared with the previous year, the second quarter. However, he expects trading revenue to increase during the same period.
Bipartisan support for growth as crypto regulations
In recent days, Wall Street has begun to recognize the potential of stables to change digital payments and the broader financial system. The Genius Act outlines how bank holding companies and other entities issue stable bills, reintroduced in the Senate, and see the final pass as early as next week, according to Go to Yahoo.
It is worth noting that bipartisan support has already made several amendments to the bill. These include a proposal to prevent the president and his family from profiting from Stablecoin Ventures during their tenure, while Senator John Hickenlooper (D-Colo.) aims to ban interest payments to StableCoin customers in order to protect the competitive position of community banks.
Senate Majority Leader John Thune temporarily voted on the amendments, complicating the legislative process. Meanwhile, Clarity Act is a broad legislation aimed at regulating the digital asset market and has not yet voted in the House.
President Trump has previously expressed hope that the two bills will speed up part of his vision, positioning the United States as “the crypto capital of the planet.” At the first White House crypto summit in March, Trump expressed hope that Stable legislation could reach his table before Congress adjourned on August 5.
In related developments, Public listing Circle (CRCL), a famous Stablecoin issuer on the New York Stock Exchange, has sparked investors’ excitement. Circle’s stock more than doubled in the first trading day, sparking optimism that the IPO market may be on a rebound.
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