Powell calls for a "re-examination" of the de-banking issue in response to concerns from the crypto industry

ChainCatcher news, Federal Reserve Chairman Powell stated that it is time to "revisit" the issue of de-banking, following criticism that the crypto industry is being excluded from banking services. During a Senate Banking Committee hearing on Tuesday, the committee's chairman, Tim Scott (R-S.C.), asked Powell if he would be willing to work with him to ensure that financial regulations do not "impose unnecessary burdens."

Powell responded, "I commit to working with you, and we do strive to avoid overburdening. Frankly, I think it's fair to revisit the issue of de-banking." "We are not doing this intentionally, but sometimes regulation leads to certain outcomes, and we need to improve on that," Powell added. Scott also asked Powell if he would be willing to work with lawmakers to end the de-banking issue, to which Powell agreed.