Fed chair Powell agrees to help end crypto debanking

The president of the federal reserve, Jerome Powell, told the American Senate that regulators should “take a new look” in the debacle of cryptography.

Speaking in a senatorial banking committee audience On February 11, Powell said it was time for agencies to reassess the reports of cryptographic companies refused access to the American banking system.

The leaders of the cryptographic industry have long criticized the impact of Operation Choke Point 2.0, a term used to describe an alleged coordinated effort to unlock cryptographic companies. After the CEO of Crypto raised concerns, the major leaders of technology also presented similar allegations of unfair treatment.

“We are not intentionally doing these things,” said Powell, adding that “we have to work on it.” The President of the Fed answered a question from the president of the Tim Scott senatorial banking committee. The Republican Senator Scott also asked if Powell would undertake to end the unconstitutional debanking practices. “Yes” Powell said at the hearing.

“I will agree to work with you on this subject … Look, I think it’s just to take a new look at the speaking.” Powell told Senator Scott and the Committee.

Crypto Debanking became a major subject on Capitol Hill last year, following surveys carried out by Coinbase and Nic Carter, partner of Castle Island Ventures.

Carter discovered evidence related to the signing and Silvergate Bank collapsed, revealing that regulators considered the cryptographic transactions of the banks when they make final decisions.

Jamming heard The Federal Deposit Insurance Corporation, discovering “pause letters” issued to financial institutions and a brafer OCP 2.0 documents. Senator Cynthia Lummis warned FDIC employees against destroying it documents in the midst of a bi-camuous investigation.

The two Congress Chambers have now launched probes on the issue. The legislators of the Senate and the House of Representatives held audiences on the gambling of cryptography last week, where even the crypto-skeptical legislators like Senator Elizabeth Warren called for a more in-depth examination of the concerns raised by the platforms ‘digital active ingredients.