CEO of Bank of America still says too early for Stablecoin plans such as American stalls on important crypto rules

Bank of America chairman and CEO Brian Moynihan confirmed the cautious approach to the Bank for Stablecoins during her profit call On Wednesday points to a lack of clarity of the regulatory and uncertain customer demand as reasons to keep back.

“That is still going on while we are speaking,” said Moynihan in reference to the restless regulatory landscape, while also trying the current need for such offers.

“The business cases for it as an incremental value must still be proven, frankly,” he said. “We don’t see, you know, customers who knock on the door and say: give me this now.”

Although the bank has “done a lot of work” and investigates Stablecoins, Moynihan emphasized that adoption would depend on clear legal frameworks and the demanded question.

“Expect our company to go on there. At the end of the day the debate will be how big an item will be and how much more an effective flow of payment it is.”

The comments contrast with his comments From February, when Moynihan suggested that Bank of America would quickly enter the market if the regulations allow it.

“It is quite clear that there will be a stablecoin, which is fully supported by dollars. If they make that legal, we will enter that company,” he said then.

While Bank of America runs carefully, other leading banks appear enthusiastic To experiment.

CEO of Citigroup Jane Fraser said analysts this week that the bank actively investigates the issue of a Citi brand Stablecoin for cross-border payments.

“This is a good opportunity for us,” she said during the second quarter of Citi profit call.

The ambitions of CITI contribute to a growing list of Wall Street settings that circle the Stablecoin space. In May, the Wall Street Journal reported that Citigroup, JPMorgan, Wells Fargo and Bank of America had discussed the possibility launch A dollar-pegers token.

JPMorgan CEO Jamie Dimon, a vocal crypto -skeptic, confirmed this week that the bank is planning to get in touch with Stablecoins, although details were scarce. In the meantime, Morgan Stanley CFO Sharon Yeshaya said on Wednesday that the bank will continue to follow developments.

Nevertheless, observers will be struggling with current legal developments that directly affect the sector.

In Limbo?

The hope of clear American crypto legislation escaped this week as the so-called “crypto week” of the house unraveled in the midst of Republican struggle. A procedural vote to promote three important crypto accounts false On Tuesday.

The measures include the genius law, aimed at setting up federal crash barriers for Stablecoins; The Clarity ACT, designed to offer a wider framework for crypto-assets, and the Anti-CBDC Surveillance State Act, which tries to prevent the US from creating a digital currency from the central bank.

The house voted 196-223 against progress after 13 hardline republicans rebelled, with reference to the failure of the Genius Act to explicitly ban a US CBDC. President Donald Trump intervened and called on dissidents to the White House and later claimed that he had persuaded them to support the bills.

Rep. Marjorie Taylor Greene (R-GA) that she would continue to oppose the package, with the argument that it was unable to adequately protect the government in digital currencies.

By late Wednesday, however, the package seemed to be back on track. Rep. Andy Harris (R-MD) announced That members of the House Freedom Caucus had reached an agreement to promote the president’s crypto agenda.

As part of the deal, Harris said, the Must-Pass National Defense Authorization Act would include “strong anti-center banks digital currency protection”-an important bottleneck for Gop-Holdouts.

Another procedural vote is expected on Thursday.