#باول Paving the Way: Banks Officially Able to Serve Cryptocurrencies
Federal Reserve Chair Jerome Powell informed Congress that U.S. banks "are free to provide services to the cryptocurrency sector and engage in related activities," as long as they meet safety, soundness, and compliance standards. This announcement follows guidance issued by the Federal Reserve on June 23, which removed barriers of "reputational risk."
This represents a pivotal shift in U.S. financial policy. By removing barriers to self-imposed risks, regulators are officially enabling banks to deal with cryptocurrencies, opening the door to services such as custody services, trading desks, payment channels, stablecoin issuance, and the integration of decentralized finance services (#DeFi ).
• Silvergate Bank's stock rose by 4.5%, and Signature Bank's stock by 5.3%.
• The price of Ethereum increased by nearly 3%, approaching $2,455 thanks to high trading volumes.
• Renewed optimism regarding cryptocurrency custody and institutional adoption.
Stay tuned for banks' announcements regarding cryptocurrency custody, stablecoin wallets, and trading services. Monitor Congress's moves regarding Law #GENIUS and Law #CLARITY . If the legislative momentum continues, this could ignite a broader institutional wave in the cryptocurrency market,
