Banks like Bank of America are seriously threatened by the existence of cryptocurrencies like Bitcoin, and after all that’s part of the reason for Crypto in the first place.
B of A cited in a document to the SEC that they have serious risks associated with the existence of cryptocurrency.
The first layer of risk for the bank is that it produces a challenge for them to be able to comply with SEC requirements surrounding KYC, Foreign Assets Control, and Anti Money Laundering Laws.
You can read their official filing with the SEC here on the official SEC website: https://www.sec.gov/Archives/edgar/data/70858/000007085818000009/bac-1231201710xk.htm#s56FE8F57D1F551E9AF8D375ECF1A891E
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