Wall Street Bank CEOs to Mention Crypto Before Congressional Banking Panels This Week

“We continue to closely and actively follow developments around cryptocurrencies,” said Wells Fargo CEO Charles Scharf in a statement.

AccessTimeIconMay 26, 2021 at 1:46 p.m. UTC
Updated Sep 14, 2021 at 1:02 p.m. UTC

CEOs from three major Wall Street banks plan to discuss cryptocurrencies before the U.S. Congress this week.

Executives from CitiGroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America are set to appear before the Senate Banking committee today and the House Financial Services panel Thursday, and a number of prepared testimonies show digital assets will be an important discussion point.  

The CEOs are set to discuss the role they play in the economy and discuss their operating practices. That three of these CEOs are preemptively bringing up how they’re approaching cryptocurrencies shows how the digital asset space has become too large to ignore by even the biggest Wall Street players.

“Citi is focusing resources and efforts to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements,” said CitiGroup CEO Jane Fraser. “These developments and important risk and control considerations are guiding our measured approach.”

In another statement, Wells Fargo CEO Charles Scharf said, "We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investments products, though their status as a currency and mechanism of payment remains fluid.” 

Bank of America CEO Brian Moynihan said, "We continue to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency. Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment.”

The Senate Banking Committee hearing begins at 10 a.m. ET today. 


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