{"id":21385,"date":"2025-02-21T13:52:46","date_gmt":"2025-02-21T11:52:46","guid":{"rendered":"https:\/\/forklog.com\/en\/fed-vice-chair-refutes-crypto-industry-debanking-allegations-in-the-us\/"},"modified":"2025-02-21T13:52:46","modified_gmt":"2025-02-21T11:52:46","slug":"fed-vice-chair-refutes-crypto-industry-debanking-allegations-in-the-us","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-vice-chair-refutes-crypto-industry-debanking-allegations-in-the-us\/","title":{"rendered":"Fed Vice Chair Refutes Crypto Industry Debanking Allegations in the US"},"content":{"rendered":"<p>The <span data-descr=\"Federal Reserve System of the United States\" class=\"old_tooltip\">Federal Reserve<\/span> maintains a balanced approach regarding crypto companies&#8217; access to banking services, according to Vice Chair Michael Barr, as reported by <a href=\"https:\/\/www.theblock.co\/post\/342512\/feds-michael-barr-responds-crypto-debanking-concerns-central-bank\">The Block<\/a>.<\/p>\n<p>Barr stated that the central bank does not hinder this activity\u2014 the Fed provides institutions with clear guidelines and restrictions but does not obstruct the establishment and maintenance of relationships with crypto firms. This comment from the Fed official responsible for overseeing the financial institutions sector addresses concerns about the so-called debanking of the industry.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe consistently say that we strive to adhere to a clear line of conduct, [\u2026] so that organizations wishing to engage in this activity can do so appropriately. We do not tell them they must do it, nor do we tell them they must not,\u201d Barr noted.<\/p>\n<\/blockquote>\n<p>Barr&#8217;s comments followed statements from Fed Chair Jerome Powell, who called for a \u201cfresh look\u201d at debanking.<\/p>\n<p>Barr will step down as Vice Chair at the end of February but will remain a member of the Fed&#8217;s Board of Governors.<\/p>\n<p>In June 2024, Coinbase <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-sues-sec-and-fdic-over-lack-of-transparency\">filed<\/a> a lawsuit against the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and the <span data-descr=\"Federal Deposit Insurance Corporation of the United States\" class=\"old_tooltip\">FDIC<\/span> over their attempts to \u201ccut off\u201d the crypto industry from the banking sector. <\/p>\n<p>In January, lawyers from History Associates<a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-accuses-fdic-of-concealing-pause-letters\"> claimed<\/a> that the latter regulator concealed requested documents.<\/p>\n<p>Earlier, Wyoming Senator Cynthia Lummis threatened the FDIC with <a href=\"https:\/\/u1f987.com\/en\/news\/cynthia-lummis-accuses-fdic-of-hiding-crypto-oversight-documents\">criminal charges<\/a> if the agency indeed destroyed data related to crypto oversight.<\/p>\n<p>Back in February, U.S. President Donald Trump nominated Jonathan Gould to head the <span data-descr=\"Office of the Comptroller of the Currency within the U.S. Treasury Department\" class=\"old_tooltip\">OCC<\/span> at the U.S. Treasury. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve maintains a balanced approach regarding crypto companies&#8217; access to banking services, according to Vice Chair Michael Barr, as reported by The Block. Barr stated that the central bank does not hinder this activity\u2014 the Fed provides institutions with clear guidelines and restrictions but does not obstruct the establishment and maintenance of relationships [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21384,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1249,36],"class_list":["post-21385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-federal-reserve-system","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=21385"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/21385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/21384"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=21385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=21385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=21385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}