Powell Boosts Warning on Crypto Industry and Its ‘Turmoil’
- Fed chairman tells US senators that banks need to be cautious
- He said any bank-capital requirement changes to be ‘tailored’
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Federal Reserve Chairman Jerome Powell is again warning US banks about the risks of getting involved in the digital-asset industry.
Powell on Tuesday laid out a series of concerns he has with crypto, and said lenders the regulator oversees must be “taking great care” when engaging with it. He added that the central bank didn’t want to prevent innovation.