U.S. Banks Tentatively Venture into Cryptocurrency Amid Evolving Regulatory Landscape

Major U.S. banks are cautiously exploring cryptocurrency ventures amid changing regulations and endorsements from industry leaders. While pilot programs and partnerships are underway, banks seek clear guidelines to address risks like anti-money laundering. CEOs express reluctance to fully commit without established regulations, focusing instead on limited crypto trading and custody partnerships.

Major U.S. banks are beginning to explore the cryptocurrency space, following strong endorsements from regulators. These banks are treading carefully, creating pilot programs or partnerships to test the waters, according to industry insiders.

Many financial giants, previously restricted by regulations, now see opportunities for growth in the crypto market. However, they remain hesitant to fully dive into the industry due to concerns about shifting regulations, insiders revealed.

U.S. President Donald Trump and new regulatory bodies have voiced support for more bank-friendly crypto policies, but clear guidelines are essential for banks to commit fully. Firms are focusing on custody businesses and other opportunities within the cryptocurrency realm.

(With inputs from agencies.)