Bank of America CEO: Financial industry will embrace crypto if regulators allow itNEW!MenuselectSearch quotes, news & videosMenuBank of America CEO says financial industry will jump into crypto payments if regulators allow itPublished Tue, Jan 21 20257:49 AM ESTUpdated Tue, Jan 21 20259:37 AM ESTKey PointsBank of America CEO Brian Moynihan said that the U.S. banking industry will embrace cryptocurrencies for payments if regulators allow it.The head of the second-largest U.S. bank by assets was asked by CNBC's Andrew Ross Sorkin about how the industry's approach to crypto could change given President Donald Trump's enthusiasm for digital currencies."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," Moynihan said at the World Economic Forum in Davos, Switzerland.In this articleFollow your favorite stocksCREATE FREE ACCOUNTwatch nowVIDEO10:3610:36Watch CNBC's full interview with Bank of America CEO Brian Moynihan CEO said Tuesday that the U.S. banking industry will embrace cryptocurrencies for payments if regulators allow it.The head of the second-largest U.S. bank by assets was asked by CNBC's Andrew Ross Sorkin about how the industry's approach to crypto could change given President 's for digital currencies."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," Moynihan said in an interview at the in Davos, Switzerland.American banks have largely avoided letting customers use crypto for retail transactions, although their institutional trading and wealth management arms have participated in markets for bitcoin ETFs. Leaders in the industry, including CEO , have bitcoin as a currency for criminals and fraudsters."If you go down the street here and you go in and buy lunch, right, if you can pay with , a debit card, Pay, etc., this would just be another form of payment," Moynihan said. "We have hundreds of patents on blockchain already, we know how to enter the field."The veteran Bank of America CEO didn't address the idea of cryptocurrencies like bitcoin as an investment or store of value, saying it is "really a separate question."Don’t miss these insights from CNBC PRONews TipsGot a confidential news tip? We want to hear from you.CNBC NewslettersSign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.Advertise With Us© 2025 CNBC LLC. All Rights Reserved. , Now, JP Morgan Chase, Bank of America, Citigroup, and Wells Fargo are said to be forming a joint stablecoin. This decision reflects how traditional finance is now recognizing crypto’s growing power., American banks have largely avoided letting customers use crypto for retail transactions, although their institutional trading and wealth management arms have participated in markets for bitcoin.