Morgan Stanley CEO Ted Pick revealed on Thursday that the bank is preparing to collaborate with U.S. regulators to explore new opportunities in cryptocurrency markets. Speaking with CNBC at the World Economic Forum in Davos, Switzerland, Pick emphasized the bank’s commitment to acting within regulatory boundaries. Highlighting the challenges for traditional banks entering the nascent crypto space, the executive stated:

For us, the equation is really around whether we, as a highly regulated financial institution, can act as transactions.

Pick noted that the bank will work closely with the U.S. Treasury and other regulatory bodies to ensure any offerings are safe and compliant. “We’ll be working with Treasury and the other regulators to figure out how we can offer that in a safe way,” he said.

Morgan Stanley has previously led initiatives such as introducing bitcoin funds for its wealthiest clients in 2021 and advancing bitcoin exchange-traded funds (ETFs) last year. These moves were reportedly driven by client demand for exposure to bitcoin. However, under the Biden administration, regulations have hindered deeper involvement, limiting banks to trading bitcoin derivatives rather than holding the cryptocurrency itself. Pick suggested that BTC’s staying power despite scandals and market turbulence has bolstered its legitimacy, stating: “The broader question is whether some of this has come of age, whether it’s hit escape velocity.”

Pick’s remarks coincide with the Trump administration’s favorable stance on cryptocurrency, which could pave the way for banks to expand their roles in digital assets. Earlier this week, the acting head of the U.S. Securities and Exchange Commission (SEC) announced plans to develop a clearer regulatory framework for cryptocurrencies. Trump’s pro-crypto policies, which encourage innovation in blockchain and digital assets, could dramatically reshape the banking industry’s involvement in crypto markets.

Bank of America CEO Brian Moynihan recently signaled readiness for such changes, stating: “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard.” Trump’s focus on fostering crypto-friendly policies marks a stark contrast to the restrictive stance of the previous administration, potentially ushering in a transformative era for the financial sector.

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