In the latest report of The Information, the crypto reporter Yueqi Yang claimed that some large banks are preparing to embrace the crypto sector under US President Donald Trump’s pro-crypto stance. The arrival of cryptocurrency into the banking sector can provide a big boost to the financial sector.
According to the report, the baking sector primarily focuses on crypto custody. “Coinbase is in talks with banks to offer custody and trading services, but many banks still need to obtain regulatory approval from the Federal Reserve and the New York Department of Financial Services and face regulatory capital considerations, which slow their entry into crypto trading,” Wu Blockchain stated in the post on X.
Bank of America CEO Brian Moynihan stated: “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” calling crypto as “just another form of payment.”
On January 23, 2025, President Trump signed an executive order “Strengthening American Leadership in Digital Financial Technology”, which directs “the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
This executive order revoked earlier Executive Order 14067 (“Ensuring Responsible Development of Digital Assets”) introduced by the previous hostile government. It will help the crypto industry to gain regulatory clarity, financial inclusivity, and the protection of blockchain-based activities.
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