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Jerome Powell: Time to Reassess Banking Regulations for Cryptocurrencies

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by Giorgi Kostiuk

5 months ago


Federal Reserve Chair Jerome Powell has suggested the possibility of revisiting banking regulations for cryptocurrencies to prevent unfair exclusion from financial services.

Jerome Powell's Statements

At the Senate Banking Committee hearing, Jerome Powell expressed his willingness to work with lawmakers to prevent regulatory overreach.

Importance of High-Level Discussion

Committee Chair Tim Scott questioned Powell on whether regulations impose undue burdens on businesses, and whether he would work with lawmakers to resolve potential issues.

I am committed to working with you on this, trying to avoid overreach.Jerome Powell

Situation Around Crypto Industry

Powell acknowledged that regulatory measures can have unintended consequences, stating that while not intentional, isolating industries can result and requires addressing.

Changes in Banking Policy

The committee discussed the issue of debanking crypto firms. Last year, Coinbase filed a lawsuit against the FDIC, accusing the agency of deliberately isolating the crypto industry from financial services.

Powell emphasized that banks are allowed to serve crypto clients if they effectively manage the associated risks. However, existing practices need reassessment to improve cooperation between the crypto industry and financial institutions.

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