Bank of America (BoA) CEO Brian Moynihan has hinted that US banks are ready to embrace cryptocurrency payments—provided that clear regulations are established. Speaking at the World Economic Forum in Davos, Moynihan explained that crypto transactions could easily join the ranks of traditional payment options like credit cards and Apple Pay, once the regulatory framework allows.

Moynihan emphasized BoA’s preparedness, stating, “We have hundreds of patents on blockchain already, we know how to enter the field.” The bank has been a leader in blockchain-related patents since 2018, reflecting its intent to either innovate or hedge against future risks in the digital finance space.

Despite this readiness, the lack of consistent regulations in the US has been a significant barrier. Ambiguities in licensing, restrictions on bank involvement, and unclear tax rules have slowed the adoption of cryptocurrency as a mainstream payment method.

Political leadership changes could pave the way for progress. Although former President Donald Trump’s early executive orders didn’t address crypto, his administration’s focus on financial policy adjustments suggested the potential for pro-crypto regulation. Analysts from S&P Global have noted that shifts in leadership at key financial institutions, such as the Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau, might bring much-needed clarity.

Still, industry experts remain cautious. Robert Maddox, a financial regulation attorney, remarked that while there is growing interest in accommodating crypto within the banking system, simplifying the regulatory structure in the US remains a complex challenge.

The banking sector’s eagerness to adopt crypto underscores the need for swift regulatory action. Until then, cryptocurrency remains on the fringe of traditional finance, waiting for its moment to break into the mainstream.