Well, I’ll be a monkey’s uncle! Jerome Powell, the grand poobah of the Federal Reserve, has gone and done it. He’s given the old thumbs-up to banks and their crypto shenanigans—so long as they don’t go and lose their shirts in the process. Powell let this little gem drop during a chin-wag with the press at the Federal Open Market Committee shindig, fielding questions about the Fed’s crypto stance like a seasoned politician.
“Banks can cozy up to crypto folks, just so long as they don’t end up in the poorhouse,” Powell drawled. “We ain’t against a bit of innovation, and we sure as Sunday don’t want to scare off law-abiding customers just ’cause some folks are scared of their own shadows when it comes to regulation.”
Crypto Folks Are as Happy as a Clam
In no time flat, the crypto crowd was whooping it up like it was the Fourth of July. Nic Carter, a bigwig at Castle Island Ventures, hollered through the interweb, “Boy, howdy! That’s a shift in tone if I ever heard one. The Fed’s finally seen the light!”
Hunter Horsley, the big cheese at Bitwise Asset Management, took to the Twitter-verse, cawing, “Banks are about to make crypto go viral in 2025! Get ready for the big time, folks!” And David Lawant, the brainbox at FalconX, chipped in with, “Hang on to your hats, there’s a storm a-brewin’ over the next year and a half. Most folks ain’t got a clue how big it’s gonna be.”
Joe Consorti, the growth guru at They, painted a rosy picture: “Banks can stash bitcoin for clients, cook up fancy bitcoin financial gadgets, and let folks buy bitcoin ’til the cows come home. Even Powell’s singing a different tune now. It’s a whole new ballgame.” And Bitcoin whisperer Dylan LeClair joined the chorus, “FASB, the death of SAB 121, and ETFs doing the in-kind hokey-pokey. Banks are here to stay.”
Powell’s little speech came at a mighty convenient time, what with all the regulatory and accounting tomfoolery going on. The Financial Accounting Standards Board (FASB) finally got its act together in August 2024 and laid down some crypto accounting rules that don’t require a PhD to understand. And the Securities and Exchange Commission (SEC) did a little housecleaning of its own, chucking SAB 121 into the dustbin back in January.
Now, ETFs can do the in-kind redemption two-step, and it’s all thanks to the Trump administration. No more cash swaps; it’s straight-up asset trading, which should make Bitcoin fans as giddy as a kid on Christmas morning. And BlackRock’s trying to get in on the action with a spot Bitcoin ETF that’s sure to shake things up.
Put it all together, and you’ve got a regular old crypto revolution on your hands. With the red tape cut and the FASB’s crystal-clear rules, US banks might just be the ones to lead the charge into the crypto promised land.
As I’m writing this, the crypto market’s worth more than the GDP of a small country—$3.49 trillion, to be precise.
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2025-01-30 15:13