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

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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

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12:00am, Wednesday, January 29, 2025

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“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.
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.

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