Bank of America CEO Says Still Too Early For Stablecoin Plans as US Stalls on Key Crypto Rules

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.