Major banks on Wall Street, including Morgan Stanley, Bank of America, and Royal Bank of Canada (RBC), are racing to get involved in the cryptocurrency industry as they see new opportunities arising with President Donald Trump's support for digital assets. These banks are seeking to lock in crypto initial public offerings (IPOs), share offerings, and convertible bonds. Morgan Stanley has already started working with crypto companies looking to go public, while Bank of America's investment wing is internally discussing deeper involvement in crypto deal-making. RBC aims to expand its crypto business and has been arranging convertible bond deals for crypto clients. Other banks, such as Jefferies Financial Group, Moelis & Co., and Cantor Fitzgerald, are also making moves in the crypto market. The US Securities and Exchange Commission (SEC) has launched a dedicated crypto task force led by a Bitcoin advocate, as President Trump reviews the creation of a national Bitcoin reserve. With the previous Biden administration's tough scrutiny of the industry, banks are eager not to miss out on the evolving crypto landscape. Major players in the crypto industry, including Gemini, Bullish, Kraken, and Circle, are also reportedly considering IPOs.



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