The banking industry is racing to catch up and banks want to compete in this new world and profit
Bank of America’s CEO, Brian Moynihan, barred the giant company’s wealth managers from putting any client money into cryptocurrency-related investments.
In 2014, as regulators in New York were exploring ways to control Bitcoin, executives at Wall Street’s biggest banks fretted that regulating cryptocurrencies would also legitimize them — and that could threaten the finance industry. So they tried to sow doubt.
At the World Economic Forum in Davos, Switzerland, that year, Jamie Dimon, the CEO of JPMorgan Chase, the nation’s largest bank, called Bitcoin a “terrible” store of value that was also being used for illicit purposes. At a meeting to discuss violations of Iran sanctions, H. Rodgin Cohen, the finance industry’s preeminent lawyer, warned the state’s regulators that the federal government was “very worried” about Bitcoin and its use.
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