Bank of America CEO: ’Too Early for Stablecoin Plans’ as US Drags Feet on Crypto Regulation
Wall Street's crypto cold feet continues. Bank of America's CEO just poured ice water on stablecoin ambitions—blaming regulatory limbo as Washington twiddles its thumbs.
The Regulatory Standoff
While stablecoins promise instant settlements and 24/7 liquidity, US regulators still can't decide if they're securities, currencies, or some unholy FinTech hybrid. The delay? Classic bureaucracy—plus banks lobbying to protect their dusty old settlement systems.
The Finance Jab
Meanwhile, TradFi institutions keep 'exploring blockchain' like boomers discovering WiFi—with equal parts fascination and terror. Spoiler: They'll adopt it right after retail pumps the market to new ATHs.
Bottom line? Until DC gets its act together, even trillion-dollar banks won't touch stablecoins. But when they do—bet on it being exactly when they can profit most.
In limbo?
Hopes for clear-cut U.S. crypto legislation stalled this week as the House’s so-called “Crypto Week” unraveled amid Republican infighting. A procedural vote to advance three key crypto bills failed on Tuesday.
The measures included the GENIUS Act, aimed at establishing federal guardrails for stablecoins; the CLARITY Act, designed to provide a broader framework for crypto assets, and the Anti-CBDC Surveillance State Act, which seeks to prevent the U.S. from creating a central bank digital currency.
The House voted 196-223 against moving forward after 13 hardline Republicans rebelled, citing the GENIUS Act’s failure to explicitly prohibit a U.S. CBDC. President Donald TRUMP intervened, summoning dissenters to the White House and later claiming he had persuaded them to back the bills.
On Wednesday, Rep. Marjorie Taylor Greene (R-GA) announced she would continue opposing the package, arguing it failed to adequately safeguard against government overreach into digital currencies.
By late Wednesday, however, the package appeared to be back on track. Rep. Andy Harris (R-MD) announced that members of the House Freedom Caucus had reached an agreement to advance the President’s crypto agenda.
As part of the deal, Harris said, the must-pass National Defense Authorization Act would include “strong anti–Central Bank Digital Currency protections”—a key sticking point for GOP holdouts.
Another procedural vote is expected Thursday.
