U.S. Banks Are Ready to Dive Headfirst into Crypto, but They Need the Green Light from Regulators

Crypto is already being used to send money overseas and buy everyday items. Banks know they need to keep up or risk falling behind.

Banks are still waiting on regulators to give them the green light to enter the crypto market. In the meantime, they're already developing the tools they'll need to make it happen.

As cryptocurrency continues to gain mainstream adoption, major financial institutions like Bank of America (NYSE:BAC) are still yet to integrate crypto into their banking services. But according to Bank of America CEO Brian Moynihan, it’s not because banks don’t want a piece of the crypto pie—it’s because they’re waiting for regulators to do their thing.

During an interview with CNBC’s Andrew Ross Sorkin at the World Economic Forum (WEF) in Davos, Switzerland, Moynihan stated that banks are ready to enter the crypto market once the rules are clear.

“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,” he said.

Banks are no longer just curious about cryptocurrency; they're ready to get in line. But only if the rules are laid bare.

Banks are known for their cautious approach to new trends, preferring to take their time and ensure everything checks out. And with something as disruptive as cryptocurrency, there's a lot to tinker on.

But financial giants like Bank of America have been in the blockchain game for years. The leading financial institution has clinched hundreds of patents and found ways to play it safe with Bitcoin ETFs and custody services. But letting customers pay for coffee with BTC? That's another story entirely.

Right now, it all comes down to uncertainty. Or, to say it as it is, the lack of clarity. With regulators still figuring things out and the SEC’s past history of cracking down on crypto firms, banks don't want to take any risks. If there were clearer rules, crypto payments might already be mainstream.

But things might just be turning around for good with Gensler now gone; as of Monday, 20th January, when his resignation was officially announced by the SEC.

Not to mention Donald Trump, sworn in as the 47th U.S. President on Monday. Things are taking a new turn for the crypto industry since these major events.

For example, about 48 hours to his inauguration on Monday, U.S. President Donald J. Trump took to his official X handle to announce the launch of his meme coin, $TRUMP, on the Solana network. This news first came as a shock to many in the crypto community. Some even suspected foul play, while others feared that his X handle might have been hacked. It’s amusing and equally interesting that the First Lady, Melania Trump, 24 hours later, launched her own official meme coin, $MELANIA, just after $TRUMP went live. Disruption Banking has covered in detail how these two adventure zone meme coins will perform this year, 2025.

Moynihan’s comments should turn a few heads. Crypto is already being used to send money overseas and buy everyday items. Banks know they need to keep up or risk falling behind.

And here’s the thing—banks already have the tools to make it happen. “We have hundreds of patents on blockchain already, we know how to enter the field,” Moynihan said. So, it’s not a question of if banks can do it. It’s about when they’ll be allowed to.

For a bit, think about being able to pay for groceries with Bitcoin the same way you use Apple Pay or a debit card, Visa or MasterCard. That future isn’t as far off as it seems. It’s just waiting for the right regulatory green light.

It turns out that European banks may be jumping headfirst into crypto anyway. Disruption Banking reported that Italy’s largest bank — Intesa Sanpaolo — acquired 11 BTC as a test should customers request that kind of asset type, the bank’s CEO Carlo Messina said.

In 2017 the head of Italy’s biggest retail bank Intesa Sanpaolo called digital assets a ‘speculative bubble’. Today the bank is testing the same digital assets. The first time an established European bank has undertaken anything like this #bitcoin #banking https://t.co/H8QplMpNlQ pic.twitter.com/WR40RAUZcw

But with pro-crypto Trump in the Oval Office now, the cryptocurrency industry is fairly sure that “Fair weather winds are beginning to blow…,” says Fred Thiel, Charmain, and CEO at MARA Holdings (NASDAQ:MARA). Besides, many people are speculating that with the Trump administration already dishing out executive orders from day 1, the Strategic Bitcoin Reserve (SBR) should make his list. And with a total of 12 U.S. States that have introduced bills to hold Bitcoin as part