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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.
CEOs from three major Wall Street banks plan to discuss cryptocurrencies before the U.S. Congress this week.
STORY CONTINUES BELOW
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.
Read more: Senate Confirms Gary Gensler as Next SEC Chief
“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.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
