Federal Reserve Chairperson Powell: Banks can offer cryptocurrency services to customers as long as it is done in a safe and sound manner

On February 2nd, according to Ledgerinsights, Federal Reserve Chairperson Jerome Powell touched on the topic of cryptocurrencies at a press conference after the announcement that interest rates would remain unchanged. He said that banks can provide cryptocurrency services to customers as long as it is done in a safe and sound manner. He added, "We are not opposed to innovation, and we certainly do not want to take actions that would cause banks to terminate fully legitimate customers because of excessive risk aversion from regulation."
According to a court order, the US Federal Deposit Insurance Corporation (FDIC) recently issued multiple letters highlighting the intense scrutiny banks face when offering cryptocurrency services to customers. In many cases, banks were told to suspend services and were never approved.