The Federal Reserve's Powell said it was time to "revisit" the issue of debanking, following criticism that the crypto industry was being excluded from banking services.
At a Senate Banking Committee hearing on Tuesday, the committee's chairperson, Tim Scott (R-S.C.), asked Powell if he would be willing to work with him to ensure that financial regulations do not "impose unnecessary burdens."
Mr. Powell responded: "I promise to work with you and we do try to avoid being overburdened. Frankly, I think it's fair to revisit the issue of debanking."
"We didn't mean to do it, but sometimes regulation causes things to happen and we need to improve on that," Mr. Powell added. Mr. Scott also asked if he would be willing to work with lawmakers to end debanking, and Mr. Powell agreed.
Powell Calls for "Re-Examination" of Debanking, Responding to Crypto Industry Concerns
2025-02-11 16:46:08
The Federal Reserve Powell said now is the time to re-examine banker and questiondesk3cryptocurrencydesktopCrypto News
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