PANews reported on May 29 that according to Reuters, large US banks are discussing internally the expansion of cryptocurrency business, but will adopt a cautious strategy in the early stage. People familiar with the matter revealed that although JPMorgan Chase CEO Jamie Dimon maintained a critical stance on cryptocurrency, he said that customers would be allowed to buy it; Bank of America is considering issuing stablecoins; Morgan Stanley is exploring adding cryptocurrency to its electronic trading platform.

Industry executives pointed out that banks are looking forward to clearer anti-money laundering regulatory guidance, and most institutions plan to enter the custody business by cooperating with existing crypto companies. The Trump administration’s recent policy shift has paved the way for banks to participate in crypto custody, stablecoins and other activities, but bank regulators have not yet joined the working group led by the new crypto czar David Sacks.