Bank of America CEO Brian Moynihan has suggested that U.S. banks could embrace cryptocurrency payments if the right regulations are established.
Speaking to CNBC at the World Economic Forum in Davos, Moynihan stated that if crypto payments become “a real thing” through proper regulation, the “banking system will come in hard on the transactional side of it.”
In such a case, cryptocurrency transactions would join traditional payment methods like credit cards, debit cards, and Apple Pay.
“We have hundreds of patents on blockchain already, we know how to enter the field,” Moynihan said.
BoA has been a leader in blockchain patents, focusing on areas such as settlement systems, digital wallets, and enterprise crypto accounts. However, as Cointelegraph has noted, it’s unclear whether these patents aim to foster innovation or hedge against potential risks.
Despite these efforts, U.S. crypto regulations remain slow to develop.
The lack of uniform licensing, restrictions on banking, and tax implications have hindered the adoption of cryptocurrency for payments.
Is Crypto Regulation on the Horizon?
Campaign promises suggest that blockchain and crypto adoption could gain momentum under President Donald Trump.
Although none of Trump’s 42 executive orders on his first day in office addressed crypto, pro-industry regulations are anticipated soon.
Leadership changes at federal agencies like the FDIC and the Office of the Comptroller of the Currency could pave the way for clearer crypto guidelines, according to S&P Global.
However, Robert Maddox, a partner at Bradley Arant Boult Cummings, believes structural changes in bank regulation are unlikely.
“There are more people interested in finding regulation and/or bank accounts for these cryptos than there are in reducing what people consider the regulatory structure in America,” Maddox told S&P Global.
Banks appear ready to act—if regulators provide the green light.
