City Group, Bank of America, & Wells Fargo shed light on their crypto policies in US Senate

Senate Banking committee headed by Senator Sherrod Brown had summoned some investment bankers for its annual oversight hearing on the Wall Street firms. The CEOs of Bank of America, Citigroup, and Wells Fargo have shared their policies regarding cryptocurrency before the committee.

Bank of America CEO has said explained the reason for Bank of America’s distance from Bitcoin and cryptocurrency. He says the bank is currently exploring the opportunities, risks, and client demand for products and services related to cryptocurrency. He further went on to elaborate “Currently, we do not lend against cryptocurrencies and do not bank against companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment. The Bank says that one of the reasons for not expanding is that the bank has not been able to find its use on such a large scale.

Wells Fargo also has maintained some distance with cryptocurrency. The company elaborated on why its approach towards it has been skeptical. It says that though cryptocurrency has emerged as an alternative investment product its status as currency and mechanism of payment remains fluid. The company’s President said that the company was in the final stages of adding an actively cryptocurrency-managed platform.

CitiGroup CEO Jane Fraser talked about treading the waters of cryptocurrency with responsibility. The bank has stressed the importance of regulations and controls in place for the trading and investment in digital assets. It also believes that Bitcoin was a tipping point and has the potential to become the preferred currency for international trade.