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Report
Banks are ready for crypto payments as soon as they’re allowed
The Street
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1/21/2025
TheStreet’s Conway Mittens brings you the biggest news of the day, including what investors are watching and big banks are ready to embrace crypto.
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Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:03
Here's what we're watching on the street today.
00:05
Stocks moved higher Tuesday as Trump-era number two begins on Wall Street.
00:10
Investors are feeling some relief that Trump did not enact sweeping tariffs on day one
00:15
of its new administration.
00:16
Meanwhile, earnings season continues, manufacturing conglomerate 3M beat profit forecasts and
00:22
gave an upbeat 2025 outlook.
00:26
Back to President Trump now.
00:27
The price of Bitcoin hit the skids as Trump's crypto bravado on the campaign trail failed
00:33
to translate into any first day actions.
00:36
Little was said during his inauguration day speeches about the crypto industry.
00:41
And even though there were a flurry of executive orders issued on Monday after his inauguration,
00:47
none were tied to the crypto industry.
00:49
Crypto prices surged in the days after Trump's November win on the bet Trump would be more
00:55
friendly towards the industry than President Biden.
00:58
The crypto industry poured billions into the November elections to not only elect Trump,
01:03
but to also elect lawmakers that would take a lighter regulatory approach towards the
01:08
industry.
01:10
Despite the early disappointment, eyes are still on what the next four years will look
01:15
like for digital assets under Trump.
01:18
Bank of America CEO Brian Moynihan told CNBC that if the right rules are put in place,
01:25
and make it a real thing that you can actually do business with, you'll find that the banking
01:30
system will come in hard on the transactional side of it.
01:34
Banks and investment firms already let investors buy crypto through investments like ETFs,
01:40
but there's reluctance to accept it as a form of payment like a traditional currency.
01:45
As Moynihan, however, points out, that could change with the proverbial flip of a switch.
01:52
That'll do it for your daily briefing from the New York Stock Exchange.
01:55
I'm Conway Gittens with The Street.
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