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Wall Street Bank CEOs to Mention Crypto Before Congressional Banking Panels This Week
“We continue to closely and actively follow developments around cryptocurrencies,” said Wells Fargo CEO Charles Scharf in a statement.
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CEOs from three major Wall Street banks plan to discuss cryptocurrencies before the U.S. Congress this week.
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Executives from CitiGroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley and Bank of America are set to appear before the Senate Banking committee today and the House Financial Services panel Thursday, and a number of prepared testimonies show digital assets will be an important discussion point.
The CEOs are set to discuss the role they play in the economy and discuss their operating practices. That three of these CEOs are preemptively bringing up how they’re approaching cryptocurrencies shows how the digital asset space has become too large to ignore by even the biggest Wall Street players.
Read more: Senate Confirms Gary Gensler as Next SEC Chief
“Citi is focusing resources and efforts to understand changes in the digital asset space and the use of distributed ledger technology, including demand and interest by our clients, regulatory developments and technology advancements,” said CitiGroup CEO Jane Fraser. “These developments and important risk and control considerations are guiding our measured approach.”
In another statement, Wells Fargo CEO Charles Scharf said, "We continue to closely and actively follow developments around cryptocurrencies, which have emerged as alternative investments products, though their status as a currency and mechanism of payment remains fluid.”
Bank of America CEO Brian Moynihan said, "We continue to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency. Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment.”
The Senate Banking Committee hearing begins at 10 a.m. ET today.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
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- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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