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Illustration: Sarah Grillo/Axios

Bank of America may be loosening its stance on bitcoin.

Driving the news: Bank of America has approved the trading of cash-settled bitcoin futures for some clients, Coindesk’s Will Canny and Tanzeel Akhtar report.

Why it matters: This would be a change in tone from a bank that's historically distanced itself from the cryptocurrency business.

Flashback: "Currently, we do not lend against cryptocurrencies and do not bank companies whose primary business is cryptocurrency or the facilitation of cryptocurrency trading and investment," Bank of America CEO Brian Moynihan said to the Senate Banking Committee on May 21.

State of play: Clients of brokerages sitting on the crypto trading sidelines have had other options like fintech startups Coinbase and Robinhood.

Yes, but: "We continue to evaluate the opportunities, risks and client demand for products and services related to cryptocurrency," Moynihan had added in May. This was a sentiment shared by his peers at Citigroup and Wells Fargo.

  • Just last month, CNBC reported Goldman Sachs was trading bitcoin futures with crypto firm Galaxy Digital.

What they're saying: “BofA getting into this as the crypto market cools is an interesting note on the momentum behind bitcoin's institutional moment," Coindesk deputy global news editor Zack Seward tells Axios.

  • "The fact that it's a futures play gives BofA clients the ability to bet on the market through thick and thin."

The bottom line: From weather derivatives to bonds backed by David Bowie’s music, financial services firms have long demonstrated flexibility to create and offer financial products in response to client demand.

Go deeper: Cryptocurrency jokes get serious

Go deeper

Updated 1 hour ago - Sports

Olympics dashboard

⛳️: Golfer Bryson DeChambeau will miss Olympics after testing positive for COVID

📺: The Olympic events to watch today

🏊: Athlete spotlight — When to watch swimming star Katie Ledecky

🥋: Iranian defector defeats Iranian in taekwondo

🤖: The robot Olympics

🚨: Heat wave brings scorching temperatures to Tokyo Olympics

🎤: Meet the new faces of NBC's Olympics coverage

Go deeper: Full Axios coverage

Bezos beats Branson in space billionaires' battle for attention

Photo illustration: Aïda Amer/Axios. Photo: Imtiyaz Shaikh (Anadolu Agency), Drew Angerer/Getty Images

Jeff Bezos' flight into space generated more interest from the public than Richard Branson's, and both billionaires overshadowed their respective space companies.

Why it matters: Data shows an outsized public interest in the personalities at the center of the space trips, compared to the companies behind them — which could reinforce public suspicion that the ventures were partly vanity plays.

Updated 6 hours ago - Sports

Swimmer Chase Kalisz first American to win Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz became on Sunday the first Team USA Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver .86 seconds later.

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