The president of the federal reserve, Jerome Powell, presented remarks yesterday that American banks can be freely questioned with cryptographic customers – provide that they understand and manage the inherent risks. Powell’s comments occurred at the press conference of the Federal Open Market Committee (FOMC), where he answered questions about the Fed position on the Crypto-Banque.
“Banks are perfectly able to serve cryptographic customers as long as they understand and can manage risks,” said Powell. “We are not against innovation, and we certainly do not want to take measures that would lead to banks to end customers who are perfectly legal simply because excessive risk aversion may be linked to regulations and supervision. “
Positive reactions of cryptographic industry
In a few hours, the key personalities of the community made the generalized praise for Powell’s declaration, interpreting it as a green light for banks that hesitate to adopt cryptography services. Nic Carter, partner of Castle Island Ventures and co-founder of Blockchain Data Aggregator Coinmetrics.io, commented via X, “huge shift tonal. OCP2.0. This is particularly notable because my understanding is that the Fed was specifically the link of OCP2.0. »»
This feeling was taken up by Hunter Horsley, CEO of Bitwise Asset Management, who tweeted: “Banks will be a major catalyst of the crypto in 2025. ERA Dominant.” Meanwhile, David Lawant, research manager in Falconx, pointed out: “Massive Wave entering in the next 6 to 18 months. Most are not aware of the scale. »»
Joe Consorti, Responsible for Growth at THEN, underlined the potential extent of banking offers: “Banks can hold Bitcoin on behalf of customers, create structured Bitcoin financial products and allow customers to buy bitcoin. Even Powell no more badmouting. Vibe Shift. “Bitcoin analyst Dylan Leclair also pointed out the convergence of regulatory forces and the market, declaring:” Fasb + Abrogation of buyouts in kind SAB 121 + for ETF. Banks are there.
Powell’s comments arrive at a time when several regulatory and accounting changes are about to reshape how banks manage digital assets. In August 2024, the Financial Accounting Standards Board (FASB) introduced a standardized framework for accounting cryptocurrencies on the company’s balance sheets. This was a historical step, because it establishes clarity on declaration practices – a crucial component for banks that plan to offer cryptography services.
The Securities and Exchange Commission (SEC) had previously imposed the staff accounting bulletin (SAB) 121 in March 2022, obliging financial companies to record the cryptocurrencies held by the customer as responsibilities on their balance sheets. On January 23, 2025, the SEC repealed this rule via SAB 122. This decision simplifies the process of keeping digital assets, removing a burden of substantial report and paving the way for more financial institutions to engage in the crypto.
In addition, redemptions in kind for the funds negotiated on the stock market (ETF), in particular the ETF Bitcoin, should become a reality under the Trump administration. Instead of using cash, this mechanism allows ETF actions to be exchanged for underlying assets, is gently with the decentralized Bitcoin nature and providing potential tax advantages. Blackrock recently asked for a change of rule to the dry for sound ETF Bitcoin.
Overall, these regulatory developments – are faced with the support tone of Powell – indicating a turning point for banks that are considering entering the cryptographic markets. Industry observers suggest that with obstacles like SAB 121 suppressed and transparent fasb rules in place, American banks could become leading participants in the next crypto adoption wave.
At the time of the press, the total market capitalization of cryptography amounted to 3.49 billions of dollars.
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