Brian Moynihan, CEO of Bank of America (BAC), announced on Wednesday that the bank is poised to explore stablecoins once significant crypto legislation is enacted.
Moynihan noted that the bank has been considering launching its own stablecoin since February, but will wait for the passage of key legislative measures before proceeding.
“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.
Notably, bipartisan support has emerged for several amendments to the bill. These include a proposal to prevent the president and his family from profiting from stablecoin ventures while in office, and another from Senator John Hickenlooper (D-Colo.) aimed at prohibiting interest payments to stablecoin customers to protect the competitive standing of community banks.
Senate Majority Leader John Thune has temporarily stalled votes on these amendments, complicating the legislative process. Simultaneously, the Clarity Act, a broader piece of legislation intended to regulate the digital asset market, has yet to be brought to a vote in the House.
President Trump has previously expressed a desire for both bills to be expedited as part of his vision to position the US as the “crypto capital of the planet.” During the first-ever White House crypto summit in March, Trump indicated his hope that stablecoin legislation could reach his desk before Congress’s recess on August 5.
Featured image from DALL-E, chart from TradingView.com
