Crypto Currency Statements from FED Chairman Powell: "We Don't Want to Be an Obstacle" - Coin Bulletin

Federal Reserve Chair Jerome Powell said that they will not prevent banks from providing services for cryptocurrencies and that crypto services can also be provided through banks.

Federal Reserve Chairman Jerome Powell stated that banks will not hinder the services provided to crypto customers, emphasizing that the Fed has no intention of intervening in crypto banking and leaving the door open for banks on this issue.

Powell, who previously maintained a reserved stance on cryptocurrencies, continues to show a supportive attitude towards the crypto sector recently. In the Federal Open Market Committee (FOMC) meeting two weeks ago, Powell stated, “Banks can serve crypto customers,” and reiterated his remarks, supporting the development of cryptocurrency activities in the US banking system.

( Green Light to Cryptocurrency Banking

Powell, in a statement in December 2024, said that the Fed has no intention of accumulating crypto assets, but the reason for this is said to be due to the laws not allowing it. It is being discussed that the Fed's approach could change after US President Donald Trump signed an executive order envisioning the establishment of a reserve consisting of digital assets as one of his first acts. Powell's recent statements also indicated that banks could move more freely in terms of crypto services, beyond the reserves of the US and the Fed.

Powell, who said “Banks can serve crypto customers as long as they understand and manage the risks,” also emphasized that financial institutions with security networks such as deposit insurance need to be cautious in carrying out these activities. Powell's words raised hopes that obstacles to crypto banking in the US could diminish.