Fed Chairman Powell: Now is the time to re-examine the de-banking of the crypto industry

Odaily News Federal Reserve Chairman Jerome Powell said that in light of the criticism that the crypto industry has been excluded from banking services, it is time to "re-examine" the issue of de-banking. At a Senate Banking Committee hearing on Tuesday, the committee's chairman, Republican Senator Tim Scott of South Carolina, asked Powell if he would work with him to ensure that financial rules do not impose more burdens than necessary. Powell said: "I will commit to working with you to solve this problem. We are indeed trying to avoid excessive burdens. Frankly, I think it is fair to re-examine the issue of de-banking. We don't mean to do this, but sometimes regulation causes things to happen and we need to improve on this."
It is reported that Tim Scott also asked Powell whether he agreed to commit to working with lawmakers to end de-banking, and Powell agreed. (Theblock)