Bank of America: US Banks Will Transition to Blockchain

Bank of America indicated that cryptocurrency regulations in the U.S. will accelerate. This statement came after the Office of the Comptroller of the Currency (OCC) granted conditional national trust bank charters to five digital asset firms.

Bank of America anticipates that the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve will implement regulations regarding capital, liquidity, and approval rules for stablecoins under the GENIUS Act.

The report also emphasized that banks need to transition to blockchain. In this context, it cited financial institutions such as JPMorgan and DBS as examples of pilot projects for token-based deposits on public and permissioned blockchains.