ChainCatcher news, FOX Business reporter Eleanor Terrett disclosed that outgoing Federal Reserve official Michael Barr spoke this afternoon at the Council on Foreign Relations in New York about bank decentralization and crypto regulation. He stated that the Federal Reserve is trying to take a neutral stance on these issues. The Fed's expectation is that they operate in a safe and sound manner and comply with consumer laws, anti-money laundering laws, and anti-terrorism financing laws. If they do so, we have no objections.Barr stated, "The Federal Reserve has a novel regulatory plan aimed at overseeing institutions in this space to ensure we have the right expertise to execute in this area. Some institutions are doing this, while others are getting it wrong and running into trouble, either due to anti-money laundering or Bank Secrecy Act issues, or because they cannot meet their customers' liquidity needs, and then they go bankrupt. So, at least for me, this is just straightforward mid-level risk management and banking. If you do it right, you can do it. If you do it wrong, then you shouldn't be doing it."Barr also mentioned that he has never seen evidence of customers being canceled from their bank accounts due to political views.

ChainCatcher news, according to The Wall Street Journal, Trump administration officials are discussing plans to consolidate banking regulatory agencies, potentially attempting to merge the Federal Deposit Insurance Corporation (FDIC) into the Treasury Department without congressional approval, and combine its regulatory functions with the Office of the Comptroller of the Currency (OCC).The plan aims to reduce the power of banking regulatory agencies and increase the government's direct control over the financial industry. Previously, the Trump administration had taken action against the Consumer Financial Protection Bureau (CFPB) in an attempt to limit its influence.

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.

ChainCatcher message, Federal Reserve Chairman Powell stated that it is necessary to re-examine the issue of de-banking and will be committed to ending matters related to "de-banking."

ChainCatcher News, senior member of the House Oversight and Investigations Subcommittee, Texas Congressman Al Green criticized President Trump for promoting a "deregulatory cryptocurrency-friendly agenda" while launching the Meme coin.During the hearing of the House Financial Services Committee's Oversight and Investigations Subcommittee on February 6, Green immediately questioned the claims of the Republican leadership, which stated that the previous administration "put cryptocurrencies in the crosshairs of U.S. regulators." Green stated that some lawmakers and cryptocurrency executives used the colloquial term "Operation Choke Point 2.0," claiming that the Biden administration had orchestrated an attempt to eliminate the industry's banking access, which he called a "false plan that was never initiated."Green pointed out, "Regulators asking banks to consider the risks associated with the cryptocurrency industry is not the same as de-banking." He also suggested that lawmakers should turn their attention to the Meme coin launched by Trump before taking office on January 17. Both Subcommittee Chairman Dan Meuser and Financial Services Committee Chairman French Hill did not comment on TRUMP coin in their opening statements.

ChainCatcher news, according to Bloomberg, Democratic Senator Elizabeth Warren wrote to Trump urging him to support the Consumer Financial Protection Bureau (CFPB) in its efforts to prevent banks from arbitrarily closing accounts. She warned that attempts to undermine the CFPB would only exacerbate the problem.The Trump administration fired Director Rohit Chopra and appointed Scott Bessent, a supporter of cryptocurrency, as acting director, who has suspended some regulatory activities. Warren emphasized that the issue is bipartisan and mentioned Trump's criticism of U.S. banks and JPMorgan at the Davos Forum for restricting business dealings with certain clients.At a Senate Banking Committee hearing, Anchorage Digital CEO Nathan McCauley stated that his company faced account closures by banks due to its cryptocurrency business and struggled to find new banking partners. The Bank Policy Institute responded that banks must manage risks and meet regulatory requirements, suggesting a need to fix the regulatory structure.

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on the X platform that the U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing on February 5 at 10:00 AM EST (February 5 at 11:00 PM Beijing time) on the topic "Investigating the Real Impact of Debanking on America."Witnesses include:• Nathan McCauley, Co-founder and CEO of Anchorage Digital• Stephen Gannon, Partner at Davis Wright Tremaine LLP• Mike Ring, President and CEO of Old Glory Bank• Aaron Klein, Senior Fellow in Economic Studies at the Brookings InstitutionThis hearing will explore the impact of bank account closures and restrictions on financial services on businesses and individuals, and examine related policy responses. The meeting will be held in Dirksen Senate Office Building 538 and will be available for online live streaming.

ChainCatcher news, according to Cointelegraph, UBS Group, the Swiss banking giant managing $5.7 trillion in assets, has been testing its UBS Key4 Gold product on the Ethereum Layer-2 network ZKSync to explore scalability and privacy solutions.

ChainCatcher news, according to Fox reporter Eleanor Terrett, the U.S. Senate Banking Committee will hold a hearing on February 5, focusing on the issue of "de-banking" of cryptocurrency companies by banks.Eleanor Terrett stated that this is the first-ever hearing on the topic of "de-banking" in U.S. history. Previously, the U.S. House Committee on Oversight and Government Reform sent letters to leaders of cryptocurrency companies, including Uniswap Labs CEO Hayden Adams, Coinbase CEO Brian Armstrong, and Kraken CEO David Ripley, requesting them to explain their experiences with "de-banking."

ChainCatcher news, Fox Business reporter Eleanor Terrett posted on the X platform that the U.S. Senate Banking Committee plans to vote at 10 AM Eastern Time to decide whether Cynthia Lummis will serve as the chair of the Digital Assets Subcommittee, and it is unclear whether any other announcements will be made.

According to ChainCatcher news reported by Cointelegraph, the world's largest stablecoin Tether USDT accounts for 85% of the crypto deposits on the Brighty platform, making it the most widely used currency for payroll payments and savings.In B2C savings, Tether USDT accounts for 33%, second only to the euro. In contrast, USDC and Bitcoin each account for only 5% of the crypto deposits on the Brighty platform.Additionally, the Tron-based TRC-20 USDT, due to lower transaction fees, accounts for over 60% of the overall USDT transactions on the platform.

ChainCatcher news, according to Forbes reporter Eleanor Terrett, the U.S. Senate Banking Committee will vote to approve the chairs and members of its various subcommittees (including the Digital Assets Subcommittee) on Thursday at 10 AM Eastern Time (January 23 at 11:00 PM Beijing Time).

ChainCatcher news, an Italian parliament member Marcello Coppo recently stated in an interview that bank foundations should get involved in Bitcoin and allocate a small portion of their income to this digital asset in order to potentially achieve significant investment returns. A bank foundation is an organization established in the form of a bank that uses its funds to support social, cultural, and charitable activities.Coppo believes that investment in Bitcoin by bank foundations could win public support, as Bitcoin has long been an object of "excessive distrust" in Italy. However, he anticipates that Italy will not establish a strategic Bitcoin reserve anytime soon.

ChainCatcher NewsThe acting chairman of the Federal Deposit Insurance Corporation (FDIC), Travis Hill, recently acknowledged in a speech that the agency has engaged in "de-banking" practices against cryptocurrency companies. He pointed out that some crypto-related businesses have lost banking services without any explanation, calling this practice "unacceptable."Travis Hill further stated, "The long-term goal of the FDIC is to reduce the number of unbanked individuals, and depriving law-abiding customers of their bank accounts is unacceptable." He also emphasized that the FDIC must ensure that no staff members pressure banks to abandon law-abiding customers. Additionally, he criticized the FDIC's current stance on cryptocurrency, believing that the agency is overly cautious and stifling innovation. It is reported that the leadership transition at the FDIC is expected to begin on January 20.

ChainCatcher news, according to Fox Business reporter Eleanor Terrett's post on the X platform, the U.S. Senate Banking Committee, led by Senator Tim Scott, will establish its first subcommittee dedicated to cryptocurrency. This subcommittee will be modeled after the Republican Financial Services Subcommittee established by Patrick McHenry in 2023.Senate aides have confirmed that Senator Cynthia Lummis has been preliminarily selected as the chair of the subcommittee, pending a vote by the full committee. It is reported that the vote to approve Cynthia Lummis and the new Republican and Democratic members (still under consideration) may take place next Thursday, during which a nomination hearing for Trump-nominated Housing and Urban Development Secretary Scott Turner will also be held.

ChainCatcher news, according to Hong Kong 01 report, the banking industry in Hong Kong holds a cautious attitude towards cryptocurrencies. According to the Hong Kong Employment Ordinance, Bitcoin cannot be used as a method of salary payment. In mortgage loan applications, Bitcoin is neither considered a fixed source of income nor accepted as a qualifying asset.Currently, banks only recognize traditional assets such as cash, stocks, foreign currencies, Hong Kong properties, funds, and bonds. Holders of cryptocurrencies must convert their digital currencies into fiat currency and keep them for more than 3 months before applying for a mortgage loan of up to 70%. If banks discover that the applicant's funds come from cryptocurrency transactions, they may reject the mortgage application due to money laundering risk considerations, and even freeze the bank account.

ChainCatcher news, according to the 893rd research paper titled "Money Laundering and Blockchain: Can You Trace the Footprints in the Crypto World?" published by an Italian bank in November 2024, some websites (such as kycnot.me) that offer P2P services without requiring customer identity verification (KYC) are categorized as "Crime-as-a-Service."The anonymity and lack of regulation associated with these services make them important tools for money laundering activities, especially in jurisdictions lacking effective anti-money laundering regulations.

ChainCatcher news, newly elected Ohio Republican Senator Bernie Moreno will serve on the Senate Banking Committee, which is responsible for overseeing the U.S. Securities and Exchange Commission (SEC) and plays a key role in shaping cryptocurrency legislation.In 2018, Moreno founded Ownum, a company that sells technology for placing vehicle ownership on the blockchain. Before entering politics, he was a member of the blockchain policy organization The Digital Chamber. Although Moreno did not list cryptocurrency among his 16 core "policy priorities" on his campaign website, he did post several statements supporting the industry on X and publicly opposed a harsh regulatory environment during his campaign in the months leading up to the election.

ChainCatcher news, citing The Wall Street Journal via Cryptoslate, a new survey shows that among 160 crypto hedge funds, about 120 funds reported issues with basic banking services over the past three years. These funds invest in digital currencies and blockchain technology companies.The other 20 alternative investors surveyed (in areas such as real estate and private credit) reported no similar issues. Banking problems include poor communication and direct termination of partnerships. Among the crypto hedge funds facing issues, more than half were explicitly informed by banks that they would terminate their partnerships.However, the reasons for these decisions are often vague or nonexistent. When banks provide explanations, they state a desire to limit their risk exposure to cryptocurrency clients or the industry.