Feb 2, 12:40 AM

Jerome Powell Affirms Banks Can Serve Crypto Customers; $24 Trillion U.S. Banking System Awaits Regulations, Says Brian Moynihan

Federal Reserve Chair Jerome Powell stated that banks are capable of serving cryptocurrency customers, provided they understand and manage the associated risks. This statement, made during a recent address, signals a potential shift in the regulatory landscape for digital assets. Brian Moynihan, CEO of Bank of America, echoed this sentiment, suggesting that banks will engage more in crypto transactions once clear regulations are established. He emphasized that banks typically follow market demand rather than lead innovation. The comments from Powell and Moynihan reflect a growing acceptance of cryptocurrency within traditional banking systems, with expectations that more banks may begin offering crypto services in the near future, particularly in response to consumer demand. Abel Peña, Chief Strategy Officer at Bit2Me, anticipates that several banks in Spain will start providing Bitcoin services before the end of the year. The discussions indicate a broader trend of banks adapting to the evolving financial landscape that includes digital currencies.

#Federal Reserve #Jerome Powell #Brian Moynihan #Bank of America #Powell #Moynihan #Abel Peña #Bit2Me #Spain #Bitcoin

Written with ChatGPT (GPT-4o mini).

Jerome Powell Affirms Banks Can Serve Crypto Customers; $24 Trillion U.S. Banking System Awaits Regulations, Says Brian Moynihan

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