When members of the Senate Banking Committee addressed “debanking” concerns that destroy the crypto industry, Federal Reserve Chairman Jerome Powell said he also remembers it and tweeaking internal Fed administration policy.
“I too, disturbed by the volume of these reports,” Powell said to Regular testimony in front of the Senate Banking Committee on Tuesday. He offered that “a theory is that banks are very dangerous not just” about money laundering policies and aggressive administration where they do not want to accept customers who can stretch their compliance requests.
“We are determined to look at a fresh look at that,” Powell said, adding that he was “struck by the increasing number of cases of what seemed to be unlucky.”
Republican lawmakers and new financial guardians appointed by President Donald Trump have Focused on a special investigation into the so -called debanking They said the banking agencies of the previous administration, including the Fed, the Federal Deposit Insurance Corp. and the office of the comptroller of money.
Powell also thanked Crypto-advocate Senator Cynthia Lummis raising a recent suffering That the Fed has a policy to direct greater administration reviews with the banks engaged in controversial speech or activity. He said the policy was removed from the internal man -origin.
While Crypto oversight was not a major topic at Powell’s hearing on Tuesday, some of the major issues in the industry were raised, including Stablecoins and Central Bank Digital Currencies (CBDCs).
Powell said the Fed supports new regulations around Stablecoins -the tokens designed to maintain a stable value by being able to peer in the property such as the US dollar.
“Stablecoins can have a big future with consumers and businesses,” Powell said. “We will never know now, but it is important for the development of stablecoins – in a safe and orderly way that protects consumers and savior and all – with a framework of regulation.”
The US Central Bank chairman also provided a clear answer to his wishes about CBDCs – a massive threat of a digital dollar that Crypto companies have long been developed. When asked if he was in agreement not to launch a CBDC, Powell just responded, “Yes.”
The possibility of matching experiments in Chinese and Europe with CBDCs strong opposition In such an effort.
Powell will speak again at a hearing at the US House of Representative on Wednesday. And Crypto is set to be a feature topic later Tuesday afternoon at a hearing on the House Financial Services Committee.
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