Powell reaffirms Fed has no issues with banks conducting crypto activities
Federal Reserve Chair Jerome Powell reaffirmed that the central bank does not object to U.S. banks providing services to cryptocurrency companies or participating in crypto-related activities, so long as they follow established risk management and consumer protection standards.
Powell made the statement during his semiannual monetary policy report testimony before the House Financial Services Committee on June 24, reinforcing recent steps by federal regulators to remove barriers that have long restricted crypto’s access to traditional banking.
The Federal Reserve Board formally removed “reputational risk” from its bank supervision framework on June 23, ordering examiners to strike the subjective standard from examination manuals…
