Feb 12, 04:05 PM

Fed's Powell Commits to Addressing Debanking, Supports Stablecoin Regulation for Consumer Protection

Federal Reserve Chairman Jerome Powell, during a Senate Banking Committee hearing, committed to addressing the issue of 'debanking' that has affected the cryptocurrency sector. Powell expressed concern over the growing number of debanking cases and indicated that the Federal Reserve is determined to take a fresh look at the situation. He also supported efforts to establish a regulatory framework around stablecoins, noting their potential future with consumers and businesses. Powell emphasized the importance of a regulatory framework to ensure consumer protection. Additionally, he clarified that the Federal Reserve will not block banks from serving legal crypto customers, but stressed the need for proper risk assessment when banks engage in crypto activities. Powell's comments come at a time when crypto firms and their government allies have been vocal about being pushed out of banking services.

#Federal Reserve #Jerome Powell #Senate Banking Committee #Powell

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