Outside Source
Morgan Stanley will consider expanding its presence in the cryptocurrency market if the regulatory environment becomes more favorable, CEO Ted Pick told CNBC.
The Morgan Stanley chief executive shared his thoughts on the cryptocurrency market’s outlook while attending the World Economic Forum in Davos, Switzerland.
Speaking to CNBC’s Andrew Ross Sorkin, Pick said that the wealth management giant intends to collaborate with the U.S. Treasury and other regulators to navigate this space. Specifically, Morgan Stanley will seek clarity on whether the bank can expand its role as a transactor in the crypto market.
“For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactors,” Pick said.
Pick’s comments follow similar remarks from Bank of America CEO Brian Moynihan, who also expressed bullish views on crypto while speaking at Davos. Moynihan acknowledged the growth of the cryptocurrency sector and noted the increasing likelihood of banks integrating crypto payments across the U.S. financial system.
Like Pick, Moynihan emphasized the need for regulatory clarity and encouraged U.S. regulators to take the lead in creating a supportive framework for crypto adoption.
These sentiments emerge as the broader crypto market anticipates a new era under President Donald Trump’s pro-crypto administration.
Trump, who pledged during his campaign to end the Biden administration’s “war on crypto,” has already made significant moves to fulfill that promise. The president has appointed pro-crypto figures to key regulatory positions, including Mark Uyeda as acting SEC chair and Caroline Pham as acting CFTC chair.
Earlier this week, Trump picked Mark Uyeda as the acting SEC chair and Caroline Pham as acting CFTC chair. On Jan. 22, Uyeda announced the launch of a crypto task force led by SEC Commissioner Hester Peirce, whose focus will include establishing a path to clear regulations for crypto.
This article first appeared at crypto.news
