Powell calls for ‘re-examination’ of de-banking in response to crypto concerns
The Federal Reserve's Jerome Powell has said it's time to ‘revisit’ the issue of de-banking, following criticism that the crypto industry is being excluded from banking services. At a Senate Banking Committee hearing on Tuesday, the committee's chairman, 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.’
Powell responded, ‘I'm committed to working with you, and we do try to avoid excessive burdens. Frankly, I think it's fair to revisit the issue of de-banking.’ ‘We didn't mean to do that, but sometimes regulation leads to things that happen and we need to improve on that.’ Powell added. Scott also asked Powell if he would be willing to work with lawmakers to end the de-banking issue, to which Powell agreed.
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