Federal Reserve Chair Powell Suggests Easing Bank Cryptocurrency Rules
According to TechinAsia report, this morning Federal Reserve Chairman Powell stated during an interview at the Chicago Economic Club that in the future, regulatory restrictions on banks engaging in crypto businesses may be relaxed. Powell reviewed the "successive blow-ups and frauds in the cryptocurrency field in recent years," but pointed out that the current industry environment has become more mainstream. "We have previously implemented quite conservative regulatory guidance for banks—other banking regulatory agencies are even stricter, and I believe the relevant rules will be relaxed. The Federal Reserve will prioritize safeguarding the safety and soundness of the financial system, promote moderate innovation while avoiding consumers bearing unknown risks, and ensuring the security of banks."