An American Bank is Looking for Crypto Public Policy Expert

• The Bank of America Corporation recently posted on its LinkedIn account that it is looking for a crypto public policy expert.
• The bank wants the expert who drafts the bill and identifies the “key risks” to the business.

In the recent week, Bank of America, posted the hiring of a Public Policy Analysis and Insights Manager, who can track crypto legislation and regulatory action along with by identifying major risks.

According to the Bank, the crypto expert is required to keep tabs on digital asset regulation and discover the fintech risks to its business. The following job-post showed that now more institutions and lawmakers are changing their way to accept digital assets and encouraging more people related to the crypto industry.

The ‘Job-Description’ by Bank of America

Bank of America posted in the LinkedIn job post that “We seek a policy analysis and insights manager who will identify emerging issues and evaluate the potential impact to the enterprise, with a primary focus on fintech/cyber/AI/crypto/stablecoins/blockchain.”

The Bank also added about the role by identifying “key risks that emerging financial technologies and fintech business models may pose.”

Additionally, the candidate who would apply for this post, will be responsible for analyzing policy proposals, drafting legislation, developing advocacy strategies and building coalitions within the crypto industry. And the role further means writing bill amendments and comments to regulators, along with drafting testimony to present to lawmakers and regulators, amid other tasks.

In the last week, a LinkedIn job opening by Bank of America, highlights that  the policymakers in Washington, D.C. consider new crypto regulation in the industry. While the House Financial Services Committee already drafted Stablecoin legislation that would create a federal structure around the crypto industry. This may also temporarily ban payment coins that are not backed by outside assets, even though the bill has stalled. 

From the following job post, it can be seen that the banking giant has become more active in the cryptocurrency and blockchain industry in recent years. As the business firm, set an example with its commenced clearing cash-settled bitcoin futures in the previous year and then joined Paxos’s Blockchain-based settlement network for its equities.

Furthermore, on September 23, 2022, Bank of America also made a statement in a research report that the digital assets act as risky assets and decrease the global interest rate. But positive signs of an eventual recovery include stablecoin influxes.

The report stated that “real-world use cases like payments/remittances are adopted and real-world data providers like decentralized oracle networks increase functionality.”

However, in the Q3 2022 report of Bank of America states the net income of $7.1 Billion, with the Pretax income declined 7% to $8.3 Billion reflecting a reserve build compared to a reserve release in Q3 2021.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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