Did Powell finally give in? Not so fast, politicians are skeptical! 😤💥
Federal Reserve Chairman Powell just announced: the restrictions on crypto banks have been eased!
No more need for prior reporting, no need for a complicated approval process for stablecoins, and even the restrictions on crypto exposure have been relaxed!
Sounds great, right?
But political heavyweights (like Lummis and Long) are directly calling it out: "This is just empty talk, there's no real reform!"
The background is even more dramatic: just after Trump expressed support for Powell and quashed rumors of him being 'fired', the skepticism immediately erupted.
Critics are not buying it, believing that Powell's response to Trump's call for opening up banking services is far from proactive enough.
In summary: **The Federal Reserve sounds good, but lawmakers don't trust it at all.
The path for crypto banks is still far from a point where they can sprint confidently.** 🚦