The US Federal Reserve is seeking feedback over the next 60 days on a proposal that could address concerns about crypto-related debanking.
The US Federal Reserve is seeking to codify a rule removing “reputation risk” from banking supervision, which some have blamed for a wave of crypto debanking in recent years.
The Fed initially began making changes in June last year, announcing that it had directed its supervisors to stop pressuring banks to shut down client accounts over reputation risk, meaning banks can only make decisions on clients based on financial risk management.
In a press release on Monday, the Fed said that it is requesting feedback on a proposal to turn this into law. The Fed has set a 60-day deadline for submitting comments.
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