Powell Calls for "Rethinking" Debanking Issue in Response to Crypto Industry Concerns

BlockBeats News, February 12th, Federal Reserve Chair Powell stated that now is the time to "rethink" the issue of bank discontinuation, following previous criticisms that the crypto industry is being excluded from banking services.

During a Tuesday hearing of the Senate Banking Committee, Committee Chair 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 commit to working with you, and we do strive to avoid overburdening. Frankly, I think it's fair to rethink the issue of bank discontinuation." "We do not intend to do this, but sometimes regulation can lead to some things happening, and we need to improve upon that," Powell added. Scott also asked Powell if he would be willing to work with lawmakers to end the issue of bank discontinuation, to which Powell agreed.