Consumer complaint received 2026-02-08 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Other transaction problem — 
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: DC

Complaint narrative:
I am filing this formal complaint against Bank of America XXXX  for engaging in anticompetitive practices, including lobbying and public advocacy that obstruct the passage of the Digital Asset Market Clarity Act of XXXX ( CLARITY Act, H.R. 3633 ), hindering financial innovation in digital assets, and opposing President Trump 's pro-crypto agenda. These actions violate federal antitrust laws by suppressing competition from stablecoins and crypto products, harming consumers through reduced access to higher-yield financial options and perpetuating banking monopolies. I request a CFPB investigation, coordination with the DOJ XXXX XXXX, and penalties to safeguard consumer interests and promote innovation. 

Detailed Description of the Issue : The CLARITY Act seeks to establish a regulatory framework for digital assets, clarifying oversight between the SEC and CFTC, defining digital commodities, and enabling innovation while protecting investors. It passed the House on XX/XX/XXXX, but has stalled in the Senate due to opposition from traditional banks, including Bank of America. 

Bank of America, led by CEO XXXX XXXX, has actively opposed provisions allowing yields or rewards on stablecoins, viewing them as a threat to bank deposits. XXXX has publicly warned that interest-bearing stablecoins could pull as much as {$6.00} trillion out of the US banking system, draining deposits and pushing up borrowing costs. He emphasized that while Bank of America would be " fine, '' the broader system faces risks from stablecoin adoption. 

This opposition aligns with Bank of America 's lobbying efforts. As part of the Financial Services Forum and other groups, the bank contributed to significant lobbying focused on the CLARITY Act and related stablecoin legislation ( e.g., GENIUS Act ) to prohibit or restrict yields. Big banks ' lobbying spend increased notably in XXXX, with Bank of America hiring key lobbyists tied to the Trump administration. The bank participated in industry efforts, including White House meetings, to push for bans on stablecoin yields, effectively blocking competition from XXXX innovators. 

These actions contradict President Trump 's crypto agenda, which aims to make the U.S. the " crypto capital of the world '' through supportive legislation like the CLARITY Act. Trump has urged Congress to pass such bills, and his administration convened meetings to resolve stalemates, yet Bank of America 's resistance persists, prioritizing its market dominance over national innovation goals. 

By suppressing crypto competition, Bank of America harms consumers : banks offer low yields ( e.g., 0.07 % on savings ) while profiting from higher-return investments. Stablecoins could provide up to 4 % yields, but Bank of America 's efforts maintain artificially low returns, higher fees, and limited choices, exacerbating financial inequality. 

Legal Violations and Supporting Facts : 1. Violation of the Sherman Antitrust Act ( 15 U.S.C. 1-7 ) : - Section XXXX prohibits contracts, combinations, or conspiracies in restraint of trade. Bank of America 's coordinated lobbying with banking groups constitutes a conspiracy to restrain trade by blocking stablecoin competition. 
- Section 2 addresses monopolization ; actions protect dominance over deposits, denying consumers fintech alternatives. 
- Evidence includes XXXX 's public statements and lobbying disclosures showing efforts to influence CLARITY Act outcomes against yields. 

2. Violation of the Clayton Antitrust Act ( 15 U.S.C. 12-27 ) : - Prohibits practices that substantially lessen competition. Bank of America 's advocacy creates barriers for crypto entrants, as crypto firms accuse banks of protectionism.

3. Consumer Harm Under CFPB Authority ( 12 U.S.C. 5531 ) : - Unfair, deceptive, or abusive acts or practices ( UDAAP ) : indirectly enables overcharging via suppressed innovation.

- Consumers miss trillions in better-yield opportunities, exacerbating financial inequality.

- Opposes Trump 's agenda for U.S. crypto leadership, harming public interest in innovation.

Evidence and Sources : - Banks ' battle against stablecoin yield : XXXXXXXX XXXX XXXX XXXX  White House Crypto Talks Collapse : XXXX XXXX XXXXXXXX - White House meeting fails XXXX XXXX : XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX : XXXX - Bank of America XXXX says stablecoins could drain trillions : XXXX : XXXX - Bank Of America CEO Issues Serious {$6.00} Trillion Crypto Warning : XXXX XXXX XXXXXXXX - XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX - Crypto in XXXX : XXXX XXXX XXXX - Big US banks boost lobbying : XXXX XXXX XXXXXXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation