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Fed Cracks Down: U.S. Banks Can No Longer Block Crypto Over “Reputational Risk”—Now What?
Fed Cracks Down: U.S. Banks Can No Longer Block Crypto Over “Reputational Risk”—Now What?
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BTCCSquare news:
The Federal Reserve has eliminated "reputational risk" from its bank supervision framework, marking a pivotal shift for crypto industry access to banking services. This vague metric had long been criticized as a tool for debanking digital asset firms.
Banks may now engage with crypto companies without fear of regulatory backlash over perceived reputation damage. The policy change follows years of industry complaints about arbitrary exclusion from financial services.
Senator Cynthia Lummis hailed the MOVE as progress, though emphasized further reforms remain necessary. The Wyoming lawmaker has been a vocal advocate for clearer crypto banking guidelines.
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