Wall Street Leaders Speak About Cryptocurrencies to US Congress

CEOs of three major Wall Street banks plan to speak about cryptocurrencies before the U.S. Congress this week.


May 26, 2021 | AtoZ Markets -Big leaders of major Wall Street banks such as CitiGroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America will appear before the Senate banking committee today, and the House financial services panel on Thursday.

It has been learned, that several of them, have prepared testimony showing that digital assets will be an important consideration, and are willing to have a discussion about them.

Meanwhile, CEOs are prepared to discuss the role they play in the economy and discuss their operating practices.

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This is considered great news for investors, as the fact that three of these big CEOs are making the case for how they are approaching cryptocurrencies shows that the digital asset space has become too big to be ignored, even by Wall Street's biggest players.

"Citi is focusing resources and efforts to understand the changes in the digital asset space and the use of distributed ledger technology, including demand and interest from our clients, regulatory developments and technological advances," said Jane Fraser, CEO of CitiGroup.

What Wall Street Bankers Said

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Jane Fraser, Chief Executive Officer of Citi, spoke about the digital age and mentioned: "In 2020, compared to 2019, we invested an additional $1 billion towards modernizing our technology, simplifying our processes and improving and automating controls. We also hired our first chief administration officer to oversee these efforts".

"In our approach to today’s newer technologies, we remain guided by a focus on risk and controls. We were one of the world’s first companies to develop our own set of ethical principles for artificial intelligence, which aim to ensure effective governance, risk management and responsible innovation in our use of AI".

"Similarly, before we engage with cryptocurrencies, we see it as our responsibility to ensure we have clear governance and controls in place".

"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 evelopments and technology advancements".

Read here the full testimony of Citi's CEO

On the other hand, Wells Fargo CEO Charles Scharf said, "We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investment products, although their status as a currency and payment mechanism remains fluid."

Also, Bank of America CEO Brian Moynihan mentioned cryptocurrencies as an investment opportunity saying: "We continue to assess the opportunities, risks and customer demand for cryptocurrency-related products and services."

Comments of Bank of America CEO Brian Moynihan

In Brian Moynihan's Testimony, the director said : "We continue to evaluate applications of new technologies that have the potential to deliver value to our customer and clients, including distributed ledger technology (DLT) and blockchain".

"While Bank of America holds more than 60 blockchain patents, we still have not found a use case at scale".

"In 2019, we joined the Marco Polo trade finance network that leverages Corda DLT to provide transformative solutions to global trade participant".

"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".


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