Leading banking executives, including JPMorgan Chase CEO Jamie Dimon, have expressed concerns about the challenges posed by past U.S. government restrictions on their involvement in the cryptocurrency industry.
With the start of the Trump administration, a shift in policy could reshape the relationship between banks and the crypto industry.
“I think we should be allowed to tell you,” Dimon said, “and there should be much clearer lines about what we should do and what we should not do.”
In 2023, Castle Island Ventures co-founder Nic Carter coined the term “Operation Choke Point 2.0” to describe what he claimed was a coordinated effort by government agencies to restrict crypto firms’ access to banking services. The term refers to the Obama-era “Operation Choke Point,” which targeted sectors deemed high-risk for fraud.
“If the regulations come in and make this a real thing where you can actually do business, you’re going to see the banking system come in hard,” Bank of America CEO Brian Moynihan told CNBC, adding that the bank has developed hundreds of blockchain-related patents in anticipation of regulatory clarity.
Goldman Sachs CEO David Michael Solomon echoed that sentiment, saying at the Reuters Next conference that the firm would consider entering the crypto market if U.S. regulations change. However, Solomon struck a cautious stance, describing Bitcoin as a “speculative asset” with no clear use case.
Morgan Stanley CEO Ted Pick has also expressed interest in expanding the bank’s crypto involvement under clearer regulation. “The equation for us revolves around whether we can act as a processor as a highly regulated financial institution,” Pick told CNBC.
Source:bitcoinsistemi.com
