TechFlow news, on February 2, according to Ledgerinsights, Federal Reserve Chair Powell commented on cryptocurrencies during a press conference following the announcement of holding interest rates steady. He stated that banks could offer cryptocurrency services to customers as long as they do so in a safe and sound manner. He added, "We are not opposed to innovation, and we certainly don't want regulatory-induced excessive risk aversion leading banks to terminate relationships with entirely legitimate customers."
Under court order, the U.S. Federal Deposit Insurance Corporation (FDIC) recently released several letters highlighting the stringent scrutiny banks face when providing cryptocurrency-related services to customers. In many cases, banks were instructed to suspend such services and never received formal approval.
