Just In: Jerome Powell Agrees to Work with Lawmakers to Address Crypto Debanking

The post Just In: Jerome Powell Agrees to Work with Lawmakers to Address Crypto Debanking appeared first on Coinpedia Fintech News

In a bold move, Federal Reserve Chair Jerome Powell has called for a “fresh look” at debanking, following criticism that the crypto industry is being denied access to banking services.

During a Senate Banking Committee hearing on Tuesday, Tim Scott, the committee’s Chair, asked Jerome Powell if he would work together to ensure that financial regulations are fair and don’t impose unnecessary burdens, to which Powell agreed to collaborate with Tim Scott, stating that the Federal Reserve aims to avoid unnecessary burdens. Powell said that he is “struck” by the increasing number of Bitcoin and crypto firms being debanked.

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