WASHINGTON—With the Senate this week voting 68-30 to advance the GENIUS Act, is Bank of America ready to go all in on crypto?
Several media reports suggest that’s highly possible—if the GENIUS Act is signed into law.
The GENIUS Act establishes clear guidelines for stablecoin issuers.
Bank of America CEO Brian Moynihan said that the country’s second-largest bank is going to take a look at stablecoins after key crypto legislation passes.
“We're working with the industry, working individually. We have this pretty well understood … but the problem before was it wasn't clear we were allowed to do it under the banking regulations, and there was a lot of mystery about that,” Moynihan said at a Morgan Stanley conference in New York, according to Yahoo Finance.
“If they get the Genius Act or the stable act or anything like that passed,—and then they get the markets infrastructure enablement piece — that will allow us to figure out whether there's really a business proposition” in stablecoins, Moynihan added.