During a recent hearing before the Senate Banking Committee, Powell said that the Federal Reserve would work to help to end debanking.
Sen. Cynthia Lummis (R-Wyo) specifically mentioned "Operation Chokepoint 2.0," an alleged effort by federal banking regulators to stifle the cryptocurrency industry.
Powell said that he was "struck" by the growing number of cases of what seems to be debanking.
"I am struck, and my colleagues and I are struck, by the growing number of cases of what appears to be debanking," he said.
Alex DovbnyaHowever, Powell stated that he could not make a commitment to remove anybody.
Powell has told Lummis that the Fed is in the process of removing another line from its supervision manuals after Lummis criticized certain internal guidance on crypto at a hearing on "debanking" that took place in January.
As reported by U.Today, Ripple claimed that "Operation Chokepoint 2.0" was meant to send "shockwaves" though banks.
No hurry to cut rates
Powell told lawmakers said that there was no rush to adjust the policy stans since the US economy has remained robust.
He has cautioned that implementing more rate cuts in the near future could hinder the central bank's progress in battling inflation.
As reported by U.Today, the Fed left the interest rate unchanged following its January meeting.
Alex Dovbnya
Dan Burgin
Vladislav Sopov