Federal Reserve Chair: Banks Are Free to Provide Cryptocurrency Banking Services

Jerome Powell, the Chair of the U.S. Federal Reserve, stated that banks are now free to determine their customers and provide banking services for cryptocurrencies and the crypto industry.

Powell added, in his remarks, that banks have the freedom to engage in cryptocurrency activities as long as they do so in a precautionary manner.

Powell had previously stated that banks are capable of providing cryptocurrency services to customers, provided that it is done in a safe and sound manner.

He added: "We are not against innovation, and certainly do not want to take actions that would push banks to completely terminate services to legitimate customers simply out of excessive fear of risk potentially associated with regulation and oversight."