Crypto has come a long way from its days of little beginnings. Today, it’s now a serious force in the financial world. And while some—like El Salvador’s Nayib Bukele—may agree, others—like former SEC chair Gary Gensler—may choose to differ. On this matter, U.S. banks are still sitting on their hands too. Most financial institutions won’t even touch crypto with a ten-foot pole. And according to Bank of America CEO Brian Moynihan, it’s not because they don’t want in—but because they’re waiting on regulators to do the needful.
While speaking at the World Economic Forum (WEF) in Davos, Switzerland, Moynihan made his stance clear, saying “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” during an interview with CNBC’s Andrew Ross Sorkin. Banks aren’t just curious about crypto anymore. They’re ready to get in line, but only if the rules are laid bare.
Why U.S. Banks Have Been Sitting Tight
Rushing into new trends isn’t exactly the strong suit of banks. They like to take their time and make sure everything checks out. And with crypto, there’s a lot to tinker on.
Financial giants like Bank of America (BofA) have been probing blockchain for years. The leading financial institution has clinched hundreds of patents and found ways to play it safe with Bitcoin ETFs and custody services. But letting customers pay for coffee with BTC? That’s another story entirely.
Right now, it all comes down to uncertainty. Or, to say it as it is, the lack of clarity. With regulators still figuring things out and the SEC’s past history of cracking down on crypto firms, banks don’t want to take any risks. If there were clearer rules, crypto payments might already be mainstream.
But things might just be turning around for good with Gensler now gone; as of Monday, 20th January, when his resignation was officially announced by the SEC.
Not to mention Donald Trump, sworn in as the 47th U.S. President on Monday. Things are taking a new turn for the crypto industry since these major events.
For example, about 48 hours to his inauguration on Monday, U.S. President Donald J. Trump took to his official X handle to announce the launch of his meme coin, $TRUMP, on the Solana network. This news first came as a shock to many in the crypto community. Some even suspected foul play, while others feared that his X handle might have been hacked. It’s amusing and equally interesting that the First Lady, Melania Trump, 24 hours later, launched her own official meme coin, $MELANIA, just after $TRUMP went live. Disruption Banking has covered in detail how these two adventure zone meme coins will perform this year, 2025.
The Big Opportunity Banks Don’t Want to Miss
Moynihan’s comments should turn a few heads. Crypto is already being used to send money overseas and buy everyday items. Banks know they need to keep up or risk falling behind.
And here’s the thing—banks already have the tools to make it happen. “We have hundreds of patents on blockchain already, we know how to enter the field,” Moynihan said. So, it’s not a question of if banks can do it. It’s about when they’ll be allowed to.
For a bit, think about being able to pay for groceries with Bitcoin the same way you use Apple Pay or a debit card, Visa or MasterCard. That future isn’t as far off as it seems. It’s just waiting for the right regulatory green light.
It turns out that European banks may be jumping headfirst into crypto anyway. Disruption Banking reported that Italy’s largest bank — Intesa Sanpaolo — acquired 11 BTC as a test should customers request that kind of asset type, the bank’s CEO Carlo Messina said.
But with pro-crypto Trump in the Oval Office now, the cryptocurrency industry is fairly sure that “Fair weather winds are beginning to blow…,” says Fred Thiel, Charmain, and CEO at MARA Holdings (NASDAQ:MARA). Besides, many people are speculating that with the Trump administration already dishing out executive orders from day 1, the Strategic Bitcoin Reserve (SBR) should make his list. And with a total of 12 U.S. States that have introduced bills to hold Bitcoin as part of their State reserve, the chances are likely.
Wyoming Senator Cynthia Lummis has also taken to X to congratulate President Donald J. Trump’s appointed acting SEC chair Mark Uyeda, together with Commissioner Hester Peirce—fondly called “Crypto Mom” by her fans—who was appointed to lead a Crypto Task Force with a single mission “to set clear rules for the digital assets industry.” Peirce’s pro-crypto position has never been in question from way back.
Thiel of MARA Holdings may be right. This might just be the U.S. crypto industry’s long-awaited and well-lobbied new dawn. One thing is for sure, the team at DisruptionBanking will be trying to update you as much as we can. But going on the last few days, there is a lot of disruption heading our way!
Author: Richardson Chinonyerem
See Also:
How Strong Will Memecoins Like $TRUMP Grow in 2025? | Disruption Banking
Investment Banking Revenues Soar as U.S. banks report 2024 revenues | Disruption Banking
Why Italy’s Largest Bank is Embracing Bitcoin | Disruption Banking
