Bank of America, who has historically taken a rear seat in the cryptography industry, is ready to launch his own stable dollars if American legislators approve legislation allowing him to do so, his CEO said on Tuesday.
“If they make this legal, we will enter this company,” an interview with David Rubenstein, CEO of Bank of America, at the CEO of Bank of America at Washington, DC.
Moynihan said he thought there will certainly be a stablecoin supported by an American dollar, arguing that, since these digital assets operate as monetary market funds or bank accounts. It depends on the legislation adopted by the congress; The legislators and crypto of the White House and the IA Tsar David Sacks suggested that the legislation could evolve in the first 100 days of President Donald Trump.
“It is quite clear that there will be a stablecoin, which will be entirely supported in dollars, […] You will therefore have a coin of Bank of America and an American deposit and we can make them go and come because now it has not been legal for us to do so, but it is like another foreign currency ”, He says.
Compared to companies like JP Morgan and Citigroup, Bank of America has been cautious in its cryptographic involvement. But changing regulations can force your hand.
The Trump administration has clearly indicated that it would support all efforts in the cryptographic space in part by providing clearer regulatory directives, probably increasing competition between banks of Wall Street in the sector. Charles Schwab, another bank that had previously held, recently hired a digital active chief when he explores opportunities in space.
The economy of Stablescoin has received the support of Democrats and Republicans, making laws for these types of digital assets simpler than for other areas of crypto. To get things done, a group of legislators earlier this month promised that Congress would adopt stablecoin legislation in the first 100 days of Trump’s function.
Although Democrats have expressed their concerns about the use of stablecoins for illicit activities, the Republicans have full control of the congress, which makes it likely that it will adopt a friendly approach to digital assets, although any project Final law will probably need a kind of bipartite support.
The sector is already a force majeure in terms of payment. Stablecoins have facilitated more than 33 billions of dollars in transactions in the past year, exceeding the combined visa and mastercard, according to visa data.
