Bank of America Is Attempting to Monopolize the Stablecoin Market

Bank of America, one of the world's biggest banks with assets of $284 billion, is attempting to exert more control on the stablecoin market.

A new cash-backed digital dollar, “Bank of America coin,” is being prepped for launch by the bank, the CEO confirms. The move is seen as a direct response to non-bank institutions.

In a wide-ranging interview, CEO Brian Moynihan also touched on the pressing issue of rising food prices. He believes that while some price increases are to be expected due to inflation, there are instances where prices have risen excessively.

“We’re now seeing some food prices go up more than they should be, and I think that’s something people are noticing and commenting on,” Moynihan said.

This statement comes shortly after the U.S. House of Representatives approved a bill that aims to prevent price gouging during periods of economic distress, an issue that has become increasingly relevant with the recent surge in food prices.

The bipartisan bill, which was approved by a vote of 240 to 186, is now headed to the Senate. The bill, in part, seeks to restrict companies from setting “unreasonable” price increases for food, gasoline, and other essential goods during times of national emergency.

The initiative to ban price gouging was spearheaded by Representative Announced Demichelle (D-N.J.), who expressed concern over reports of price hikes on goods like baby formula and meat, despite no evidence of increased production costs.

“We’re in a time of crisis, and these companies are exploiting it to maximize their own profits at the expense of consumers,” Demichelle stated.

However, Republican lawmakers largely opposed the bill, arguing that it grants excessive authority to the government to interfere in the free market and could ultimately escalate prices further.

“This bill is a direct assault on the free market system that has made America the most prosperous nation in the world,” said Representative Tom Cole (R-Okla.).

Despite this, the bill ultimately passed with the support of several House Republicans, including Representative Kevin McCarthy (R-Calif.), who is now the Speaker of the House.

The administration of President Joe Biden has also shown support for the initiative.