Federal Reserve Chairman Powell calls for a're examination 'of the decarbonization of the cryptocurrency industry

According to The Block, Federal Reserve Chairman Jerome Powell stated that given the criticism of the cryptocurrency industry being excluded from banking services, it is now time to "re-examine" the issue of de banking. At the Senate Banking Committee hearing held on Tuesday, the committee's chairman, Republican Senator Tim Scott from South Carolina, asked Powell if he would work with him to ensure that financial rules "do not impose more burdens than necessary. Powell said, "I will promise to work with you to solve this problem. We are indeed working hard to avoid causing too much burden. To be frank, I think it is fair to re-examine the issue of de banking. We did not intend to do so, but sometimes regulation can lead to certain things happening, and we need to improve on it." Scott also asked Powell if he agreed to commit to working with lawmakers to end de banking; Powell agreed. As lawmakers hold hearings and guide investigations to examine this issue, Washington once again focuses on concerns about the de banking of cryptocurrencies. Last week, the House of Representatives and the Senate held two hearings on this issue. At last month's press conference, Powell stated that as long as banks can manage risks, they can provide services to cryptocurrency customers.