As regulatory stances begin to soften, major U.S. banks are cautiously re-entering the conversation around cryptocurrency. While no one is diving in headfirst just yet, the tone has certainly changed. After years of regulatory friction and hesitation, financial giants are now exploring strategic, limited engagements in the digital asset space—primarily through pilot programs, partnerships, and select trading services.
A Slow But Strategic Return
Traditionally, Wall Street’s biggest players have kept their distance from crypto. However, with regulators starting to show more openness, conversations around integrating crypto into banking services are heating up behind closed doors. The catch? No one wants to be the first to make a big move and risk running afoul of changing policies.
Instead, leading institutions like JPMorgan Chase, Bank of America, and Morgan Stanley are taking small steps. These range from considering spot trading and crypto custody partnerships to evaluating stablecoin initiatives. While the discussions are mostly exploratory, the intent is clear: position for a future where digital assets are more embedded in traditional finance.
Jamie Dimon: A Reluctant Gatekeeper
Despite the growing momentum, some banking leaders remain skeptical. JPMorgan CEO Jamie Dimon, known for his critical stance on crypto, has reiterated that the bank will not offer custody services or actively promote crypto investments—even if regulations ease.
“I’m not a fan of the system behind bitcoin,” Dimon said recently, citing concerns around leverage, misuse, and illicit finance. Still, JPMorgan isn’t blocking access entirely: customers can buy crypto through external platforms, but the bank won’t be the one holding the keys.
Political Winds Favoring Crypto
Recent political developments are also shaping the landscape. Former President Donald Trump, now actively campaigning on a pro-crypto platform, has pledged to promote digital assets if re-elected. His administration has floated the idea of a national bitcoin reserve and has been openly courting crypto industry leaders. These moves suggest a regulatory framework that could become more bank-friendly under new leadership.
Partnerships Over In-House Development
Instead of building infrastructure from scratch, most banks are leaning toward partnering with established crypto firms to manage custody and trading operations. While custody services offer growth potential, they also come with tight margins and compliance risks—two things banks are keen to manage carefully.
Charles Schwab, for example, is planning to roll out spot crypto trading within the year, signaling growing comfort from regulators. Meanwhile, Cantor Fitzgerald has already launched its bitcoin financing services, backed by a $2 billion investment.
What’s Holding Banks Back?
Despite improving conditions, several hurdles remain. Key among them are anti-money laundering (AML) compliance and the lack of unified regulatory guidance. Banks are pushing for consistent rules from federal agencies like the SEC and the Office of the Comptroller of the Currency (OCC) before they commit further resources.
Without well-defined guardrails, the risks remain too high for banks to go all in. Executives across the industry agree: while opportunity is growing, caution still rules the day.
What’s Next?
The shift toward crypto by U.S. banks won’t happen overnight. For now, most are focused on testing waters through pilot programs and internal evaluations. But if one major player successfully enters the space without regulatory backlash, others are expected to follow quickly.
In the long term, expect banks to push for more representation in crypto-related policy discussions—particularly with working groups and government appointees who will shape the rules of engagement for years to come.
