The American financial conglomerate posted on LinkedIn the vacancy of a “global crypto policy manager” responsible for regulating and identifying “key risks from the fintech side.”
Bank of America’s Cryptocurrency Management Department will be responsible for drafting amendments and commentaries to bills, preparing for presentations to legislators and regulators. The expert will be required to identify threats to fintech business models for Bank of America:
“We are looking for a manager who will identify emerging issues and evaluate the potential impact on the enterprise, with a focus on fintech, cybersecurity, artificial intelligence, cryptocurrencies, stablecoins and blockchain.”
A crypto regulatory manager candidate should be responsible for reviewing proposals, developing advocacy strategies, and building coalitions within the industry.
The U.S. House Committee on Financial Services has drafted a stablecoin bill that would temporarily ban stablecoins that are not backed by external assets. While the adoption of the bill has stalled, but any negative news on the market could force the authorities to speed up the adoption of restrictions.
In May, Bank of America CEO Brian Moynihan said the bank had no plans to adopt cryptocurrencies for the foreseeable future due to the industry being overly regulated. Although in recent years the banking giant has become more active in the field of cryptocurrencies and blockchains. For example, last year the company began clearing bitcoin futures with cash settlement and joined the Paxos blockchain-based settlement network.
