Banking on Bitcoin? Bank of America CEO Says Crypto Needs Clear Rules First

Crypto could become a legitimate payment option for U.S. banks—if regulators can clear the fog.

At the World Economic Forum in Davos, Bank of America CEO Brian Moynihan shared his stance on crypto adoption in banking. In a conversation with CNBC, Moynihan made it clear: traditional finance is ready to embrace digital assets for payments—but only if the rules are clear and transactions are fully verified.

“If the rules come in and make it a real thing you can actually do business with, you’ll find the banking system will come in hard on the transactional side of it,” Moynihan stated.

However, he emphasized that anonymity has no place in bank-led crypto transactions. Any future involvement will depend on non-anonymous, verified transfers that comply with existing banking standards.

BOA Is Already Deep Into Blockchain

While the bank has held off on launching crypto services, it hasn’t ignored the tech behind it. Moynihan revealed that Bank of America already holds hundreds of blockchain patents and processes most transactions digitally—positioning itself for a pivot when the time is right.

As for the threat to the U.S. dollar? Moynihan doesn’t see one. He likened crypto to another payment tool—no different from Visa or Apple Pay—rather than a replacement for traditional fiat currency.

Wall Street’s Crypto Caution

Despite rising interest, U.S. banks remain hesitant due to regulatory gray areas. JPMorgan Chase CEO Jamie Dimon, for example, has called Bitcoin worthless and linked it to criminal activity, even as he praises blockchain’s potential.

A major hurdle has been the SEC’s Staff Accounting Bulletin (SAB) 121, a policy that requires banks to list customer-held crypto as liabilities. This move has made it harder—and riskier—for institutions to offer digital asset services. Lawmakers have pushed back, with the U.S. Senate passing a resolution to repeal SAB 121, and House Republicans urging the SEC to roll it back.

Trump’s Win Sparks Hope—But No Action Yet

With Donald Trump back in the White House, some industry insiders expect more favorable crypto policies. Still, there’s been no concrete movement—crypto was notably absent from Trump’s first wave of executive orders.

For now, the message from Bank of America is simple: the infrastructure is ready, but the rules need to catch up.