The US crypto economy is on the verge of a period of significant change with the start of Donald Trump’s second term. Bank of America CEO Brian Moynihan stated that a major reform may occur in the US financial structure and crypto payments may take place in the banking sector.
The Place of Crypto Payments in Banking
Despite the Trump administration’s silence on cryptos at the inauguration, the crypto community remains hopeful about the potential policy announcement. If the Trump administration approves crypto payments to banks, it could lead to significant changes in the US financial structure.
CEO Brian Moynihan stated in an interview that US banks will adopt crypto payments if regulators allow it. Moynihan described cryptocurrencies as just another means of payment, like a Visa or debit card.
“Here you can go out on the street and grab a lunch; Visa, Mastercard, debit card, Apple Pay etc. You can pay via , it will just be another form of payment. “We already have hundreds of patents on blockchain, we know how to enter the field.” — Brian Moynihan
The Importance of Clear Regulations
Moynihan emphasized that clear regulations are necessary for the smooth functioning of crypto payments. “If the rules come out and allow you to do real business, the banking system will focus on that on the transaction side,” he said. This announcement created a positive tone, along with expectations of regulatory reform expected under new SEC Chairman Paul Atkins.
While the CEO described the banking industry’s approach to the new administration’s potential policy change, he remained silent about crypto investments. Moynihan did not evaluate the status of cryptocurrencies as stores of value, stating that this was “a separate question.”
Expectations for Trump from Circle CEO
Recently, Circle CEO Jeremy Allaire commented that the Trump administration will decide to allow crypto trading in banks. Allaire predicted that Trump’s executive orders will pave the way for banks to offer crypto trading services.
This step could neutralize Operation Chokepoint 2.0, where the government allegedly indirectly controls and suppresses the crypto industry. However, since Trump excluded crypto terms in his initial executive orders, the community remains uncertain about the administration’s next step. Only Trump’s subsequent executive orders will reveal whether the Bank of America CEO and Allaire’s statements will come true.
The US banking industry is preparing for a significant change in light of potential regulations regarding crypto payments. Accepting crypto payments can support the digitalization of financial services and enable banks to offer a wider range of payment options to their customers. However, clear regulations and final decisions of the management will determine how the process will take shape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
