Banks are ready for crypto payments as soon as they’re allowed

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.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05Stocks moved higher Tuesday as Trump-era number two begins on Wall Street.

00:10Investors are feeling some relief that Trump did not enact sweeping tariffs on day one

00:15of its new administration.

00:16Meanwhile, earnings season continues, manufacturing conglomerate 3M beat profit forecasts and

00:22gave an upbeat 2025 outlook.

00:26Back to President Trump now.

00:27The price of Bitcoin hit the skids as Trump's crypto bravado on the campaign trail failed

00:33to translate into any first day actions.

00:36Little was said during his inauguration day speeches about the crypto industry.

00:41And even though there were a flurry of executive orders issued on Monday after his inauguration,

00:47none were tied to the crypto industry.

00:49Crypto prices surged in the days after Trump's November win on the bet Trump would be more

00:55friendly towards the industry than President Biden.

00:58The crypto industry poured billions into the November elections to not only elect Trump,

01:03but to also elect lawmakers that would take a lighter regulatory approach towards the

01:08industry.

01:10Despite the early disappointment, eyes are still on what the next four years will look

01:15like for digital assets under Trump.

01:18Bank of America CEO Brian Moynihan told CNBC that if the right rules are put in place,

01:25and make it a real thing that you can actually do business with, you'll find that the banking

01:30system will come in hard on the transactional side of it.

01:34Banks and investment firms already let investors buy crypto through investments like ETFs,

01:40but there's reluctance to accept it as a form of payment like a traditional currency.

01:45As Moynihan, however, points out, that could change with the proverbial flip of a switch.

01:52That'll do it for your daily briefing from the New York Stock Exchange.

01:55I'm Conway Gittens with The Street.