A number of U.S. bank officials have warned about how to use the credentials issued on Wednesday before appearing Wednesday before a Senate committee.
Bank of America comments Brian Moynihan, Jane Fraser of Citigroup and Charles Scharf of Wells Fargo came at a time when US financial advisers are arguing over this – and amazing immobility – a crypto market that currently does not have a major national regulator.
Financial institutions are immediately facing challenges from consumers and companies seeking to take action – as well as from regulators who have openly complained about retail properties that could “benefit from greater financial security”, said Gary Gensler, chairman of the Security and Commons Commission. .
Moynihan also referred to the financial crisis of investors in his testimony, noting that BofA was far from the bitcoin business with its relatives even though it continued to “monitor the opportunities, risks and customer value of cryptocurrency assets and services”.
“At the moment, we are not lending money to cryptocurrencies as well as banking companies whose primary business is to make money or to start selling cash and cash equivalents,” he said.
Moynihan added that while his bank has more than 60 patents on blockchain – advanced technology that uses cryptocurrencies – “we have not yet found a problem”.
Fraser said Citigroup was taking a “parallel approach” as it sought to “understand the transformation of digital equipment and apply the technology of ledgers, including the need and interest of our customers, which leads to and enhances the technology”.
“Before we get involved in cryptocurrensets,” he said, “we feel it is our responsibility to ensure that we have clear control.”
Scharf said Wells is close to announcing the pilot project using blockchain technology “to complete the completion of book transfers to our borders around the world”.
But that’s the way it goes. He said: “We continue to follow the careful and prudent course of action in relation to cryptocurrencies, which have become an alternative source of income, despite the fact that their costs are paying off.”
The three banks are to be joined by a Senate committee and co-founders of Jamie Dimon of JPMorgan Chase, David Solomon of Goldman Sachs and James Gorman of Morgan Stanley.
Led by Sherrod Brown, a progressive Democrat from Ohio, the committee invited investors to attend the annual Wall Street conference.
The group was particularly impressed with the response of major banks to the epidemic and their efforts to promote diversity and economic and social justice.