Bank of America CEO Wants All Financial Players, Including Crypto, Regulated Alike

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Bank of America CEO Brian Moynihan is asking for a level playing field for banks and nonbanks.

Financial firms are on an uneven regulatory playing field and that should change, according to Bank of America chief executive Brian Moynihan.

In the years since the financial crisis of 2008-09, banks have faced a wave of regulations to limit the risks they can take in terms of trading and lending. But that onslaught of regulations, including 2010’s Dodd-Frank Act, hasn’t meant that speculation and risky lending have ceased to exist. It just means that those activities have migrated to the so-called shadow banking industry, a catchall term for hedge funds, private equity, nonbank lenders, and a host of other financial companies. Not to mention crypto-exchanges, many of which, like FTX, went belly-up over the past year.