Major US banks are engaging in internal discussions about expanding into the crypto sector, but their approach remains tentative. They are waiting to see how regulations evolve before committing to significant investments. This careful consideration is partly influenced by a pro-crypto stance from the current US government.
Top banks like JPMorgan and Bank of America are exploring the possibility of launching consortium-backed stablecoins to remain competitive in the crypto market. The rise of stablecoins presents a strategic measure for these financial institutions as they navigate the complexities of the crypto landscape.
Despite the US regulatory framework becoming more favorable for crypto, concerns about future changes cause hesitation. Banks are exploring partnerships with existing crypto firms for custody services, especially after the rescinding of Staff Accounting Bulletin 121, which had imposed burdensome accounting requirements.
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