CEO of Bank of America Says It'll Launch a Stablecoin as Soon as It's Legal

These days, everyone's getting into crypto. With the self-declared "crypto president" in office, the market is surging, and the public is hoping to cash in. Now, even the CEO of the second largest bank in the US wants to get into blockchain, though there's just one tiny wrinkle: it's not quite legal yet. "It's pretty clear there's going to be a stablecoin," Bank of America CEO Brian Moynihan said in an interview on Tuesday, referring to a type of digital currency designed to mirror the value of the US dollar. "If they make that legal, we will go into that business." The Bank Holding Company Act currently restricts companies from mixing banking with commerce because of the dangers posed to the public. That probably won't stop Trump from letting banks go wild on stablecoins for long. In his few months back in office, the president has been busy opening the floodgates on crypto with a slew of executive actions and cozy deals with crypto moguls — not to mention launching his own meme co ... Read full article.