The CEO of banking giant Morgan Stanley reportedly says the company is willing to work with US regulators on crypto offerings.
According to a new one report by CNBC, Morgan Stanley CEO Ted Pick is working with regulators to see if it can venture further into the digital assets industry.
As Pick told CNBC at the World Economic Forum:
“For us the comparison is real [about] whether we, as a highly regulated financial institution, can act as transaction partners. We will work with the Ministry of Finance and the other regulators to find out how we can offer this in a safe way.”
The report says that under the Biden administration, banks were not allowed to physically own Bitcoin (BTC) and could only deal in derivatives. The CEOs of two major banking institutions – Goldman Sachs and Bank of America – have already expressed interest in investing in the top crypto assets by market capitalization.
Bank of America CEO Brian Moynihan told CNBC that the company is waiting for regulatory approval to fully embrace crypto assets and blockchain technology.
“If the rules are introduced and it becomes a real thing that you can actually do business with, you will notice that the banking system will intervene harshly. We already have hundreds of patents on blockchain, we know how to enter the field.”
Earlier this year, former head of the US Securities and Exchange Commission (SEC), John Reed Stark, said that by allowing his broker to pitch BTC-based exchange-traded funds (ETFs) to clients, it opened itself up to “ the largest SEC and FINRA investigation.” a breakthrough in history.”
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