Bank of America, Citigroup, Wells Fargo Announces Cryptocurrency Policies

Bank of America, Citigroup and Wells Fargo shared their cryptocurrency policies with the US Senate Banking Commission. The three banks are at different stages of providing crypto services to their customers. They lag behind some of their peers such as Morgan Stanley and Goldman Sachs when it comes to offering access to investments exposed to Bitcoin or other cryptocurrencies. Bank of America Evaluates Crypto Opportunities The CEOs of Bank of America, Citigroup and Wells Fargo gave cryptocurrency references before the Senate Banking Committee last week. The committee, chaired by Senator Sherrod Brown, brought together investment bankers for the annual session on Wall Street companies. Bank of America CEO Brian Moynihan said BofA stayed away from Bitcoin and other cryptocurrencies, while the bank continues to "evaluate opportunities, risks, and customer demand for cryptocurrency-related products and services." He stated that his bank has more than 60 patents related to blockchain and said, "We haven't found a large-scale use case yet." The manager of Bank of America confirmed: Currently, we do not lend against cryptocurrencies and do not bank any company that primarily deals with cryptocurrencies or facilitates cryptocurrency trading and investment. The Bank of America analyst said in January that Bitcoin is the "mother of all bubbles". However, in the most recent fund manager survey, the bank found that the "long bitcoin" was the most congested transaction. In March, the bank said that the only good reason for holding Bitcoin was “ pure price increase ''. Senator Brown is skeptical of cryptocurrencies. He recently sent a letter to the currency's new acting controller, Michael Hsu, asking the Office of the Currency Controller (OCC) to review cryptocurrency regulations under its mandate. Citigroup takes a conservative approach to cryptocurrency Citigroup CEO Jane Fraser

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