Morgan Stanley CEO: Crypto Plans with Regulators

In a recent interview with CNBC, Morgan Stanley’s CEO Ted Pick confirmed the bank’s plans to collaborate with US regulators on its crypto offerings. 

Like most financial institutions, Morgan Stanley is bracing up to offer digital asset services. This comes as crypto is expected to become mainstream, thanks to President Trump’s endorsement of cryptocurrencies.

Trump’s Crypto Task Force Signals Shift in Industry Policies

Part of President Trump’s plans for the industry includes ensuring clear policies. The new administration has already launched a crypto task force, indicating Trump’s interest in integrating the industry into mainstream finance.

Pick, in his interview, said the bank’s view of cryptocurrencies is if it could act as a transactor. Explaining plans to collaborate with regulators, Pick said, “We’ll be working with the Treasury and the other regulators to figure out how we can safely offer that.

Morgan Stanley has held an interest in digital assets in recent years. Notably, it was the first US bank to provide crypto funds to clients. Furthermore, the bank was one of the first financial institutions to cater to clients’ needs for spot Bitcoin ETFs.

Bank of America Eyes Crypto Opportunities

Pick’s interview comes days after Bank of America CEO Brian Moynihan expressed plans to dabble into crypto if regulations allowed it. Moynihan revealed that the bank could provide retail services pending regulatory approval.

He said, “If the rules come in and make it a real thing that you can do business with, you’ll find that the banking system will come in hard…We have hundreds of blockchain patents already, we know how to enter the field.”

These comments mirror improved sentiments around cryptocurrencies. President Trump’s victory has changed opinion about digital assets. Notably, the industry expects Trump to give the nod for a Bitcoin reserve. For crypto supporters, that would be a game-changer. Here’s what we think about a Bitcoin reserve in the US.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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