Fed chair calls for Congress to move on crypto ’regulatory apparatus’
Jerome Powell said that banks were “perfectly able to serve crypto customers“ and suggested that lawmakers should act to address the potential risks to households.
Federal Reserve Chair Jerome Powell addressed a question on crypto after announcing that interest rates would remain unchanged in the United States.
In a press conference following a meeting of the Federal Open Market Committee (FOMC) on Jan. 29, Powell said banks were “perfectly able to serve crypto customers” provided they managed the risks — conditions that were already in place under financial institutions the Fed supervised. However, he hinted that there was a higher threshold for banks looking to engage in crypto activities.
“We’re not against innovation, and we certainly don’t want to take actions that would cause banks to terminate customers who are perfectly legal, just because excess risk aversion may be related to regulation and supervision,” said Powell.
Go to Source
Author: Turner Wright
