Powell addressed concerns that crypto firms face difficulties accessing banking services, confirming the Federal Reserve does not intend to block legitimate companies from the financial system

Event date

Jan 29, 2025 - 12:00am

Quotes that support claims

Additionally, the Fed chair quickly addressed allegations that crypto firms are having difficulties accessing banking services in the US, stating that the Fed is not interested in terminating legal customers

“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,” said Powell.

“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 [that’s] maybe related to regulation,” he said.