During a press conference after announcing unchanged interest rates, Federal Reserve Chair Jerome Powell touched on the topic of cryptocurrencies. He said that banks can provide cryptocurrency services to customers, so long as it’s done in a safe and sound manner.
He added, “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 of excess risk aversion maybe related to regulation and supervision.”
Following a court order, the Federal Deposit Insurance Corporation (FDIC) recently published letters which highlighted the scrutiny banks received when looking to provide cryptocurrency services to clients. In many cases they were told to pause and never given the go ahead.
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