PANews reported on February 2 that according to Ledgerinsights, Federal Reserve Chairman Powell talked about the topic of cryptocurrency at a press conference after announcing that interest rates would remain unchanged. He said that banks can provide cryptocurrency services to customers as long as they are done in a safe and sound manner. He added, "We are not against innovation, and we certainly don't want to take actions that cause banks to terminate completely legitimate customers due to excessive risk aversion caused by regulation."
Pursuant to a court order, the Federal Deposit Insurance Corporation (FDIC) recently issued multiple letters highlighting the heightened scrutiny banks are under when offering cryptocurrency services to customers. In many cases, banks were told to suspend services and were never approved.
