Bank of America to Consider Stablecoins After Crucial Crypto Laws Pass, CEO Announces

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Well now, gather ’round, folks! It seems that Brian Moynihan, the big cheese over at Bank of America (BAC), has decided to dip his toes into the murky waters of stablecoins, but only after the good ol’ lawmakers get their act together. Ain’t that a hoot? 🤔

Future Of Stablecoins In Focus

At a fancy Morgan Stanley shindig in New York, Moynihan declared with all the confidence of a rooster in a henhouse, “We’re working with the industry… but the problem before was it wasn’t clear we were allowed to do it under the banking regulations.” Well, bless his heart! It’s always nice to have a little clarity, isn’t it? 😏

He went on to say that they’ve been mulling over the idea of launching their own stablecoin since February, but they’re waiting for the legislative stars to align before they make any moves. Smart man, that Moynihan!

“If they get the Genius Act or the Stable Act passed, along with the markets infrastructure enablement piece, that will help us determine whether there’s a viable business opportunity in stablecoins,” he added, sounding like a man who’s just discovered the wonders of a newfangled contraption. 🧐

But hold your horses! Despite all this optimism, our dear Moynihan also had a little raincloud to share, predicting a more than 20% drop in investment banking revenue for the second quarter compared to last year. But fear not, he expects a slight uptick in trading revenue. So, it’s not all doom and gloom, folks!

Bipartisan Support Grows For Crypto Legislation

In recent days, Wall Street has finally woken up to the idea that stablecoins might just be the ticket to revolutionizing digital payments and the whole financial shebang. The Genius Act, which lays out how bank holding companies can issue stablecoins, has been reintroduced in the Senate and could be on the fast track to passage, according to the good folks at Yahoo. 🚀

And wouldn’t you know it, there’s bipartisan support sprouting up like weeds in a garden! There’s even a proposal to keep the president and his kin from cashing in on stablecoin ventures while in office. Now that’s a novel idea! And let’s not forget Senator John Hickenlooper’s (D-Colo.) proposal to stop interest payments to stablecoin customers to keep community banks competitive. Ain’t politics grand? 😅

Senate Majority Leader John Thune has put the brakes on votes for these amendments, making the whole legislative process as clear as mud. Meanwhile, the Clarity Act, which aims to regulate the digital asset market, is still waiting for its moment in the spotlight in the House.

President Trump has been itching to see both bills expedited, dreaming of making the US the “crypto capital of the planet.” During the first-ever White House crypto summit in March, he expressed hope that stablecoin legislation could land on his desk before Congress takes a break on August 5. Talk about a deadline! ⏳

In a related twist, the recent public listing of Circle (CRCL), a notable stablecoin issuer, on the New York Stock Exchange has sent investors into a tizzy. Circle’s stock more than doubled on its first day of trading, sparking hopes that the IPO market might just be ready for a comeback. Who knew stablecoins could be so exciting? 🎉

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2025-06-12 14:14