Federal Reserve Chair Jerome Powell has called for a "fresh look" at the practice of debanking, where financial institutions terminate accounts of cryptocurrency firms and individuals. This statement was made during a Senate Banking Committee hearing on February 11, 2025, amid growing concerns within the crypto industry about such practices. Powell emphasized that banks are capable of serving crypto clients, provided they effectively manage the associated risks. He acknowledged the increasing prevalence of debanking in the crypto sector and expressed a commitment to collaborating with lawmakers to address these issues.
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