The chief executive of banking giant Morgan Stanley reportedly says the firm is willing to work with US regulators on crypto offerings.
According to a new report by CNBC, Morgan Stanley CEO Ted Pick is collaborating with regulatory agencies to see if it can further venture into the digital assets industry.
As stated by Pick to CNBC at the World Economic Forum,
“For us, the equation is really [about] whether we, as a highly regulated financial institution, can act as transactors. We’ll be working with Treasury and the other regulators to figure out how we can offer that in a safe way.”
The report says that under the Biden Administration, banks were barred from physically owning Bitcoin (BTC) and could only dabble in derivatives. The CEOs of two massive banking institutions – Goldman Sachs and Bank of America – have already expressed interest in investing in the top crypto asset by market cap.
Bank of America CEO Brian Moynihan told CNBC that the firm is waiting for regulatory clearance to fully embrace crypto assets and blockchain technology.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard. We have hundreds of patents on blockchain already, we know how to enter the field.”
Earlier this year, former U.S. Securities and Exchange Commission (SEC) chief John Reed Stark said that by allowing its broker to pitch BTC-based exchange-traded funds (ETFs) to clients, it opened itself up to “the largest SEC and FINRA examination sweep in history.”
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