With President Donald Trump’s second term just days away, Wall Street executives are signaling a new approach to embracing cryptocurrencies, spurred by the administration’s pro-crypto stance and regulatory reforms.
Morgan Stanley CEO Ted Pick spoke about the bank’s cautious optimism about digital assets at the World Economic Forum in Davos, Switzerland. “The equation for us revolves around whether we can act as a processor as a highly regulated financial institution,” Pick said.
The shift in sentiment comes as Trump, once a vocal critic of cryptocurrencies, has shifted to a more supportive stance. He leaned on the crypto industry for financial support during his 2024 campaign and has since outlined a comprehensive pro-crypto agenda.
Yesterday, the president signaled a shift in federal policy by issuing an executive order calling for the “protection and promotion” of digital assets. The move has sparked interest among financial institutions that were previously hesitant to engage with crypto due to regulatory uncertainty.
Morgan Stanley, a pioneer in offering bitcoin funds to its wealthy clients, is considering deepening its involvement in the cryptocurrency market. “The longer Bitcoin trades, perception becomes reality,” Pick said, suggesting that the asset’s growing mainstream acceptance is reshaping its reputation.
Similarly, Bank of America CEO Brian Moynihan has expressed openness to crypto as a payment option, provided there is regulatory clarity. “If the regulations come in and make this a real thing that you can actually do business with, you’re going to see the banking system come in hard on the transactional side of this,” Moynihan said in Davos.
Goldman Sachs CEO David Solomon echoed this sentiment, stating that the bank would reconsider its stance on owning BTC if regulations change.
*This is not investment advice.
