Federal Reserve Chair Calls For Reevaluation Of Banking Exclusion In Crypto Industry

According to Odaily, Federal Reserve Chair Jerome Powell has acknowledged the need to reassess the issue of banking exclusion faced by the cryptocurrency industry. During a Senate Banking Committee hearing on Tuesday, Committee Chair and South Carolina Republican Senator Tim Scott questioned Powell about collaborating to ensure financial regulations do not impose unnecessary burdens. Powell responded, "I will commit to working with you on this issue. We are indeed striving to avoid excessive burdens, and frankly, I think it's fair to reevaluate the issue of banking exclusion. We do not intend for this to happen, but sometimes regulations lead to certain outcomes, and we need to improve on that." Tim Scott further asked Powell if he would agree to work with lawmakers to end the exclusion from banking services, to which Powell agreed.