Fed Instructs Banks to Adopt Crypto Without Fear: Bitcoin Hyper to Pump
The Federal Reserve is signaling to U.S. banks that it’s okay to engage with the crypto industry.
This represents a significant shift from earlier positions, with Federal Reserve Chair Michelle Bowman openly urging banks to participate.
She shared at the Wyoming Blockchain Symposium on August 19 that she believes that if banks stay on the sidelines, innovative blockchain technology will move on without them, making the traditional banking sector less relevant in the long run.
To support this, the Fed has even removed ‘reputational risk’ from its bank supervision guidelines, which should make banks more comfortable working with legal crypto companies.
Bowman advocates for a new era where banks are active participants in the…
