Federal Reserve Chairman Jerome Powell says banks can serve encryption customers if the risks are adequately managed

Federal Reserve Chairman Jerome Powell I mentioned that banks are free to serve with encryption, provided that they effectively manage the associated risks.

Powell added during his speech after the FOOC Open Market Committee (FOMC):

“The threshold was a little higher for banks that participate in encryption activities, because it is very new.”

Despite this cautious approach, Powell stressed that the Federal Reserve is still open to innovation in the financial markets.

In addition, the President of the Federal Reserve quickly addressed allegations that encryption companies are facing difficulties in accessing banking services in the United States, saying that the Federal Reserve is not interested in ending legal customers.

Powell added that the role of the federal reserve in studying the relationship between banks and encryption is the analysis of banks. It is too Acknowledged the organizational challenges of the industry and said the “largest regulatory system” will be useful.

Although Crypto does not support, the Federal Reserve Chairman mentioned optimism in the market, causing many assets to gather after stagnation per day.

Bitcoin (BTC1.5 % decreased to 101,417.24 dollars after FOMC revealed that there were no interest rates this month, which may postpone more discounts until June. However, during Powell’s speech, especially after the encryption was mentioned, the BTC price recovered by 3.3 % to touch 104,774.44 dollars.

Based on the encryption data, the main encryption was traded for $ 103,740 until the time of the press.

Tone

The speech of the President of the Federal Reserve comes nearly three weeks after the President of the Federal Insurance Corporation (FDIC) Travis Hill Recognized The role of the agency in “Debanking”.

Although Hill did not mention the “CokkePoint 2.0”, companies related to encryption were martyred that lose access to banking services without thinking, describing such efforts “unacceptable.”

ChokePoint 2.0 is an alleged effort by the former president Joe Biden Management to hinder the growth of the encryption industry in the United States by making it difficult to access banking services.

Hill also pledged to change the FDIC path and prevent future cases in which the Banks is the encryption companies.

The House of Representatives Committee is also supervising and reforming the governmental reforms.

On January 24, the Committee I sent an official message To many entities related to encryption that require evidence and calculations of such cases.

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