Bank of America CEO Says Still Too Early For Stablecoin Plans as US Stalls on Key Crypto Rules
2025-07-17 04:50:24
Main Idea
Bank of America remains cautious about entering the stablecoin market, citing the need for clear legal frameworks, while other banks like Citigroup and JPMorgan are actively exploring stablecoin initiatives.
Key Points
1. Bank of America CEO Brian Moynihan emphasized the need for clear legal frameworks before adopting stablecoins, despite having done significant preparatory work.
2. Citigroup CEO Jane Fraser announced the bank is exploring the issuance of a Citi-branded stablecoin for cross-border payments, seeing it as a good opportunity.
3. JPMorgan, Wells Fargo, and Bank of America had previously discussed jointly launching a dollar-pegged stablecoin, as reported by The Wall Street Journal.
4. Hopes for U.S. crypto legislation stalled as a procedural vote to advance key crypto bills, including the GENIUS Act and CLARITY Act, failed in the House due to Republican infighting.
5. The GENIUS Act's failure to explicitly prohibit a U.S. CBDC was a key sticking point for some Republicans, though efforts to revive the legislative package continued.
Description
Bank of America is holding back on stablecoins, with CEO Brian Moynihan citing regulatory uncertainty and limited customer demand.
Latest News
- Ethereum ETFs Set Daily Record With $726 Million in Investments as ETH Soars2025-07-17 21:56:51
- XRP Price Hits New All-Time High After Seven Long Years2025-07-17 21:23:38
- OpenAI's ChatGPT Agent Launches With Expanded Powers—And Elevated Risk2025-07-17 20:53:50
- BlackRock Files With SEC to Include Staking in Ethereum ETF2025-07-17 20:39:55
- Bitcoin Mining Firm Stock Spikes After $500 Million Raise for Dogecoin Treasury2025-07-17 20:24:50