Watch CNBC's full interivew with Haun Ventures CEO Katie Haun
Katie Haun, Haun Ventures founder and CEO, joins 'Squawk Box' to discuss the Senate's passage of the GENIUS Act, impact on the crypto industry, future of stablecoins, bitcoin price outlook, and more.
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The bill includes key provisions like 1:1 reserve backing, segregated customer funds, and strict anti–money laundering standards. Regulation has always been an inevitable and necessary step for digital assets, and now that more explicit rules are emerging, traditional banks are finally feeling confident enough to get involved. Costs and Benefits for BAC Shareholders There are clear incentives for banks to enter the stablecoin market. It offers potential cost savings, new revenue streams from transaction processing, and opportunities to develop innovative financial products. At a broader level, it could help reinforce the U.S. dollar's dominance as the global reserve currency. However, stablecoins carry real risks. Though more 'stable' than unbacked cryptocurrencies, they are still vulnerable to collapse, as seen with TerraUSD in 2022, and pose potential systemic threats. Critics warn that the failure of a major issuer could have a ripple effect across the financial system. Some advocacy groups argue the GENIUS Act lacks sufficient consumer protections and could shift the burden of failure onto taxpayers. Building a Zelle-style stablecoin alliance also presents challenges. Banks must align on key features and governance—a challenging task given differing priorities. Even if the network succeeds, it will face competition from established players like Circle's USDC, Tether (USDT), and PayPal (PYUSD). Retail giants like Walmart and Amazon are also eyeing the space, potentially bypassing card networks like Visa by tapping into their massive customer bases. Bank of America's Strong Q1 Amidst Macroeconomic Caution Still, this transformation will take time to unfold. In the meantime, Bank of America's Q1 2025 earnings were largely positive. The bank posted a solid EPS beat at $0.90, driven by a 9% year-over-year rise in sales and trading revenue and 4% growth in consumer spending. Perhaps most notably, Bank of America's capital position is stronger than ever, with total assets climbing to $3.35 trillion. However, the outlook isn't as rosy as its first quarter results. The company expressed uncertainty over the macroeconomic outlook due to potential tariffs and their impact on the economy. For example, if retailers raise the price of a television due to tariffs, fewer Americans will use their Bank of America cards to process the transaction. So, banks are quite vulnerable to economic stagnation. This, combined with the risky pivot into digital currencies, may be 'cause for pause' among investors. Is Bank of America a Buy, Sell, or Hold? On Wall Street, BAC earns a Strong Buy consensus rating based on 18 Buy, two Hold, and zero Sell ratings in the past three months. BAC's average price target of $49.38 implies an upside potential of almost 10% over the next 12 months. Recently, Wells Fargo analyst Mike Mayo issued a Buy rating on BAC, noting the bank's 'strategic focus on expanding its consumer deposits and wealth management services, along with international commercial expansion, positions it for long-term growth.' BAC Positioned for a Win in Ongoing Stablecoin Shift Bank of America's move into digital currencies reflects a clear shift in the financial landscape—an uncertain but necessary step that no major bank can afford to ignore. While details are still being finalized and collaboration among competing banks will be crucial to building a stablecoin network, Bank of America's core business remains solid, consistently exceeding expectations. With its strong balance sheet and operational scale, the bank is well-positioned to lead innovation in this emerging space. One thing is sure: the GENIUS Act favors large institutions, and Bank of America is well placed to capitalize on it.
