Powell: "Banks can freely provide services to the virtual asset industry"

Heecheol Yang

Summary

Jerome Powell, Chair of the Fed, expressed a positive stance on transactions between banks and the virtual asset industry.
Chair Powell emphasized respect for banks’ authority to select customers and stated that providing financial services related to virtual assets is possible.
He stated there is no issue if banks conduct virtual asset business while maintaining stability and soundness.

On the 24th (local time), Jerome Powell, Chair of the Fed, made favorable comments regarding transactions between banks and the virtual asset (cryptocurrency) industry during the semiannual monetary policy report hearing.

At the hearing, Powell stated, "I believe customer selection is a fundamental right of banks," and added, "This is not an issue for us to decide." He further noted, "Banks are free to provide financial services to the virtual asset industry or related companies," and said, "There is no problem if banks maintain stability and soundness while conducting virtual asset business."